Consumer Credit The total amount of consumer credit has been increasing steadily in recent years. The following table gives the total U.S. outstanding consumer credit (in billions of dollars). Source: Federal Reserve. Consumer Consumer Year Credit Year Credit 2004 2219.5 2009 2553.5 2005 2319.8 2010 2648.1 2006 2415.0 2011 2757.0 2007 2551.9 2012 2924.3 2008 2592.1 2013 3099.2 (a) Find an equation for the least squares line, letting x equal the number of years since 2000. (b) Based on your answer to part (a), at approximately what rate is consumer credit growing per year? (c) Use your result from part (a) to predict the amount of con- sumer credit in 2015.
Consumer Credit The total amount of consumer credit has been increasing steadily in recent years. The following table gives the total U.S. outstanding consumer credit (in billions of dollars). Source: Federal Reserve. Consumer Consumer Year Credit Year Credit 2004 2219.5 2009 2553.5 2005 2319.8 2010 2648.1 2006 2415.0 2011 2757.0 2007 2551.9 2012 2924.3 2008 2592.1 2013 3099.2 (a) Find an equation for the least squares line, letting x equal the number of years since 2000. (b) Based on your answer to part (a), at approximately what rate is consumer credit growing per year? (c) Use your result from part (a) to predict the amount of con- sumer credit in 2015.
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter3: Straight Lines And Linear Functions
Section3.3: Modeling Data With Linear Functions
Problem 22E
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