For selected years from 1960 to 2018, total U.S. personal income I (in billions of dollars) can be approximated by the formula
I = 492.4(1.070)t
where t is the number of years past 1960.
(a) What t-values correspond to the years 1980, 2000, and 2008?
(b) The actual total personal incomes (in billions of dollars) for selected years were as follows.

What does the formula estimate for these years?
(c) What does the formula estimate for the total personal income in 2018?

Transcribed Image Text:

1980 2000 2008 2308 12,101 8430