Questions: Question 4 Credit Card Debt - Application The function D(t) can be used to approximate the total average credit card debt in a U.S. household (in thousands of dollars) t years after 1995. Interpret the meaning of the statement: D(24)=19.3. In the year , the total average credit card debt for a U.S. household will be

Question 4
Credit Card Debt - Application

The function D(t) can be used to approximate the total average credit card debt in a U.S. household (in thousands of dollars) t years after 1995.

Interpret the meaning of the statement: D(24)=19.3.

In the year , the total average credit card debt for a U.S. household will be

Transcript text: Question 4 \begin{tabular}{|l|} \hline Credit Card Debt - Application \\ \hline \hline \end{tabular} The function $D(t)$ can be used to approximate the total average credit card debt in a U.S. household (in thousands of dollars) $t$ years after 1995. Interpret the meaning of the statement: $D(24)=19.3$. In the year $\square$ , the total average credit card debt for a U.S. household will be $\$$ Question Help: Video Message instructor Submit Question

Solution

Solution Steps

Step 1: Identify the given value of t

The given value of t is 24, which corresponds to the year 2019.

Step 2: Calculate the year

The calculation for the year is 1995 + 24 = 2019.

Step 3: Evaluate the function D(t)

The function D(t) is evaluated to find the total average credit card debt in thousands of dollars for the given t. For t = 24, D(t) = 19.3 thousand dollars.

Step 4: Convert the debt value to dollars

The debt value in thousands of dollars is converted to dollars by multiplying by 1000. Thus, the total average credit card debt for a U.S. household in the year 2019 is $19300.