Banks charge an overdraft fee for writing a check for an amount that is more than the
Question:
Let F = g(t) be the mean overdraft fee (in dollars) at t years since 2000.
a. Graph the model g (t) = 0.68 t + 23.30 on a scatterplot. Does it come close to the data points?
b. What is the slope? What does it mean in this situation?
c. What is the F-intercept? What does it mean in this situation? Do you have much faith in your estimate?
d. Use g to estimate when the mean overdraft fee was $30.
e. Because of inflation, $1 in 2005 had the same buying power as $1.19 in 2013. Use g to determine whether the mean overdraft fee has kept pace with, fallen behind, or gone beyond inflation. Is this good news, bad news, or neutral news for bank customers?
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