The total amount of consumer credit has been increasing steadily in recent years. The following table gives
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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).
(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 consumer credit in 2030.
(d) If this trend continues linearly, in what year will the total debt first exceed $7000 billion?
(e) Find and interpret the correlation coefficient.
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a b The consumer credit is growing at a rate of about 17684 b...View the full answer
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