The total U.S. personal income I (in billions of dollars) from 1960 and projected to 2024 can be modeled by
where t is the number of years after 1960.
(a) What does the model predict the total U.S. personal income will be in 2020?
(b) Graphically determine the year in which the model predicts that the total U.S. personal income reaches $22.5 trillion (that is, $22,500 billion).

Transcribed Image Text:

42,990 I = 1 + 61.55e -0.066t