Question

From 1982 to 2005, the number B of federally Insured banks could be approximated by B(t) 328t + 13701 where t is the year and t=0 corresponds to 1982.

How many federally insured banks were there in 1987?

Answer 1

There were 15,341 federally insured banks in 1987, calculated using the provided linear function B(t) = 328t + 13701 with the value of t as 5 since t represents the number of years since 1982.

Step-by-step explanation:

The student asked how many federally insured banks there were in 1987, given the function B(t) = 328t + 13701, where B represents the number of banks and t represents the number of years since 1982. To answer this question, we'll calculate B(5) because 1987 is 5 years after 1982. By plugging in the value of t into the given linear function, the equation to solve would be:

B(5) = 328(5) + 13701.

Multiplying 328 by 5 gives us 1640. Adding 1640 to 13701 gives us 15341 federally insured banks in the year 1987.