1. Outstanding consumer credit in billions of dollars is shown in the following table:

YEAR CREDIT OUTSTANDING

1980 $350.5

1985 524.0

1990 797.7

1995 1010.4

2000 1543.7

2005 2200.1

2006 2295.4

2008 2535.6

a. Develop an exponential model for the data, using t =0 corresponds to 1980. general model:

b. What will outstanding credit be in 2013 and 2016? Y =Yoe^(rt)

2. Sample Mean income X BAR = $65,500 with a SDEV =$400.

A.Is there evidence that the mean income these consumers is different fromMU = $67,200?

Use a 5% level of significance for alpha.

B.Construct a 95% confidence interval around the mean income.