Question

# In 2011 a​ country's federal receipts​ (money taken​ in) totaled ​\$2.32 trillion. In​ 2013, total federal...

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 ​(tequals​0). ​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.

Solution:

general form of exponential function is y=aekt

a) in 2011, t=0

In​ 2011, total federal receipts were ​\$2.32 trillion

2.32 =ae0

a=2.32

y=2.32ekt

In​ 2013, total federal receipts were ​\$2.75 trillion

in 2013, t=2

2.75=2.32ek*2

ek*2=2.75/2.32

2k=ln(2.75/2.32)

k=(1/2)ln(2.75/2.32)

k=0.085016863

f(t)=y=2.32e0.085016863t

b)

t=2015-2011=4

f(4)=y=2.32e0.085016863*4

f(4)=3.25trillion

c)

14=2.32e0.085016863​​​​​​​t

e0.085016863​​​​​​​t=14/2.32

0.085016863​​​​​​​t=ln(14/2.32)

t =[ln(14/2.32)]/0.085016863​​​​​​​

t =21.1427

t =21

in the year 2011+21=2031 total federal receipts be \$14 trillion

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