Personal Income Personal income (in billions of dollars) in the United States was 7802
Chapter 1, Problem 91(choose chapter or problem)
Personal Income Personal income (in billions of dollars) in the United States was 7802 in 1999 and 10,239 in 2005. Assume that the relationship between the personal income and the time (in years) is linear. Let correspond to 1990. (Source: U.S. Bureau of Economic Analysis) (a) Write a linear model for the data. (b) Linear Interpolation Estimate the personal income in 2001. (c) Linear Extrapolation Estimate the personal income in 2007. (d) Use your schools library, the Internet, or some other reference source to find the actual personal income in 2001 and 2007. How close were your estimates?
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