Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The total amount of consumer credit has been increasing steadily in recent years. The following table gives the total outstanding consumer credit. Answer part a.

image text in transcribed

image text in transcribed
The total amount of consumer credit has been increasing steadily in recent years. The following table gives the total outstanding consumer credit. Answer part a. through e. Year 2004 2005 2006 2007 2008 Consumer credit (in billions of dollors.) 2210.5 2303.8 2437.0 2517.9 2592.1 a. Find an equation for the least squares line, letting x equal the number of years since 2000. b. Use part a to find, at approximately what rate is the consumer credit growing per year? c. Use the result from part a to predict the amount of consumer credit in the year 2015. d. If this trend continues linearly, in what year will the total debt first exceed $4000 billion? e. Find and interpret the correlation coefficient

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Fascinating World Of Graph Theory

Authors: Arthur Benjamin, Gary Chartrand, Ping Zhang

1st Edition

1400852005, 9781400852000

More Books

Students also viewed these Mathematics questions

Question

What four functions does an appraisal serve?

Answered: 1 week ago

Question

d. Is it part of a concentration, minor, or major program?

Answered: 1 week ago

Question

_____ additions made to a product over and above the expected level

Answered: 1 week ago

Question

_____ the legal contract between buyer and seller

Answered: 1 week ago