A loan of $8 000 was repaid in 2 years in
2 answers:
You might be interested in
Answer:
a) 0.5198 computers per household
b) 0.01153 computers
Step-by-step explanation:
Given:
number of computers in a home,
q = 0.3458 ln x - 3.045 ; 10,000 ≤ x ≤ 125,000
here x is mean household income
mean income = $30,000
increasing rate, = $1,000
Now,
a) computers per household are
since,
mean income of $30,000 lies in the range of 10,000 ≤ x ≤ 125,000
thus,
q = 0.3458 ln(30,000) - 3.045
or
q = 0.5198 computers per household
b) Rate of increase in computers i.e
=
or
on substituting the values, we get
or
= 0.01153 computers