Question

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Answer 1

The average rate of change of credit card is $ 401.79 /year.

What is Average Rate?

• A single rate that is a weighted average of the different rates that are applicable to property in various locations.
• An average is a single number calculated as the average of a set of numbers, typically calculated as the sum of the numbers divided by the total number of numbers in the set (the arithmetic mean).

Solution

The difference of credit card debt between the year 2006 and 1992 = 8900 - 3275 = $5625

The difference of years between the year 2006 and 1992 = 2006 - 1992 = 14

average rate of change of credit card debt with respect to time = $\frac{difference of credit card debt}{difference of years}$

average rate = $\frac{5625}{14}$ = $ 401.79 / year

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