The amount of money (in billions of dollars) lent to customers with credit scores below 620...
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The amount of money (in billions of dollars) lent to customers with credit scores below 620 for subprime mortgages can be approximated by the function g(x)=261.1e-0.14x, where x=1 corresponds to the year 2001. (a) Find the value of subprime mortgage lending in 2011 for the described customer base. (b) If the trend continues, what is the first full year in which subprime lending falls below $5 billion? The amount of money (in billions of dollars) lent to customers with credit scores below 620 for subprime mortgages can be approximated by the function g(x)=261.1e-0.14x, where x=1 corresponds to the year 2001. (a) Find the value of subprime mortgage lending in 2011 for the described customer base. (b) If the trend continues, what is the first full year in which subprime lending falls below $5 billion?
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