Question

Parsonal Income Personal income (in billions of dollars) in the United States was 12,430 in 2008 and 14,167 in 2013. Assume that the relationship between the personal income y and the time (in years) is linear. Let $t = 0$ represent 2000. (a) Write a linear model for the data. (b) Estimate the personal incomes (in billions of dollars) in 2012 and 2016. 2012 $\text{}$ billion 2016 $\text{}$ billion (c) Use your school's library, the Internet, or some other reference source to find the actual personal incomes in 2012 and 2016. How close were your estimates? The model's estimates were reasonably close to the actual personal incomes. The model's estimates were significantly different from the actual personal incomes.

          Parsonal Income Personal income (in billions of dollars) in the United States was 12,430 in 2008 and 14,167 in 2013. Assume that the relationship between the personal income y and the time (in years) is linear. Let $t = 0$ represent 2000.
(a) Write a linear model for the data.
(b) Estimate the personal incomes (in billions of dollars) in 2012 and 2016.
2012  $\text{______}$ billion
2016  $\text{______}$ billion
(c) Use your school's library, the Internet, or some other reference source to find the actual personal incomes in 2012 and 2016. How close were your estimates?
The model's estimates were reasonably close to the actual personal incomes.
The model's estimates were significantly different from the actual personal incomes.

Parsonal Income Personal income (in billions of dollars) in the United States was 12,430 in 2008 and 14,167 in 2013. Assume that the relationship between the personal income y and the time (in years) is linear. Let t = 0 represent 2000.
(a) Write a linear model for the data.
(b) Estimate the personal incomes (in billions of dollars) in 2012 and 2016.
2012 billion
2016 billion
(c) Use your school's library, the Internet, or some other reference source to find the actual personal incomes in 2012 and 2016. How close were your estimates?
The model's estimates were reasonably close to the actual personal incomes.
The model's estimates were significantly different from the actual personal incomes.

Added by Jose Carlos D.

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