In 2011 a country's federal receipts (money taken in) totaled $2.32 trillion. In 2013, total federal receipts were $2.75 trillion. Assume that the growth of federal receipts, F, can be modeled by an exponential function and use 2011 as the base year (tequals0). a) Find the growth rate k to six decimal places, and write the exponential function F(t), for total receipts in trillions of dollars. b) Estimate total federal receipts in 2015. c) When will total federal receipts be $14 trillion? a) Find the growth rate k.
general form of exponential function is y=aekt
a) in 2011, t=0
In 2011, total federal receipts were $2.32 trillion
In 2013, total federal receipts were $2.75 trillion
in 2013, t=2
in the year 2011+21=2031 total federal receipts be $14 trillion
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