Suppose the Rate of Change of Total Personal Income I

question 22

Multiple Choice

Suppose the rate of change of total personal income I in the United States (in billions of dollars) can be modeled by , where t is the number of years past 1960. Find the total personal income in 2016 by using the arbitrary constant that is evaluated by using the data point from 1960. Also find the rate of change of total personal income in 2016. Round your answers to two decimal places. ​ ​

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Definitions:

T Value

A value calculated in a t-test that assesses the difference between two means relative to the variation in the data.

Critical Value

The threshold or point on the test distribution that is compared with the test statistic to determine whether to reject the null hypothesis.

T Value

A statistic used in hypothesis testing to determine if there is a significant difference between two groups.

Test Statistic

A value calculated from sample data that is used in a hypothesis test to determine whether to reject the null hypothesis.