In the year 2000, the total amount of consumer loans in the United States topped $550 billion dollars. According to the Archival Federal Reserve EconomicData report, the total amount of consumer loans for the United States can be approximated by the functionL(t) = 0.286t²-3.669t+24.475where t is the number of years after 1950 and L(t) is given in billions of dollars. Evaluate and interpret the instantaneous rate of change in the total amount ofconsumer loans in the United States in 2020.O a. The total amount of consumer loans in the United States is expected to grow in 2020 at a rate of 11.69 billion dollars.Ob. The total amount of consumer loans in the United States is expected to grow in 2020 at a rate of 30.65 billion dollars.Oc. The total amount of consumer loans in the United States is expected to grow in 2020 at a rate of 34.32 billion dollars.Od. The total amount of consumer loans in the United States is expected to grow in 2020 at a rate of 36.37 billion dollars.

Instantaneous rate of change is used to describe the rate at which a quantity is changing at a…

where t is the number of years after 1950 and L(t) is given in billions of dollars. Evaluate and interpret the instantaneous rate of change in the total amount of consumer loans in the United States in 2020.

where t is the number of years after 1950 and L(t) is given in billions of dollars. Evaluate and interpret the instantaneous rate of change in the total amount of consumer loans in the United States in 2020.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter5: Business And Economic Forecasting

Section: Chapter Questions

Problem 1.4CE

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Question

In the year 2000, the total amount of consumer loans in the United States topped $550 billion dollars. According to the Archival Federal Reserve Economic
Data report, the total amount of consumer loans for the United States can be approximated by the function
L(t) = 0.286t²-3.669t+24.475
where t is the number of years after 1950 and L(t) is given in billions of dollars. Evaluate and interpret the instantaneous rate of change in the total amount of
consumer loans in the United States in 2020.
O a. The total amount of consumer loans in the United States is expected to grow in 2020 at a rate of 11.69 billion dollars.
Ob. The total amount of consumer loans in the United States is expected to grow in 2020 at a rate of 30.65 billion dollars.
Oc. The total amount of consumer loans in the United States is expected to grow in 2020 at a rate of 34.32 billion dollars.
Od. The total amount of consumer loans in the United States is expected to grow in 2020 at a rate of 36.37 billion dollars.

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