Question

From 1987 to 2006, the number of federally insured banks could be approximated by B(t) = -329.2t + 13766, where t is the year and t=0 corresponds to 1987.

How many federally insured banks were there in 1992?

Answer 1

To calculate the number of federally insured banks in 1992 using the function B(t) = -329.2t + 13766, we substitute t with 5 (since 1992 is 5 years after the base year 1987). Performing the calculation, B(5) equals 12,120. Thus, there were 12,120 federally insured banks in 1992.

Step-by-step explanation:

To find the number of federally insured banks in 1992 using the function B(t) = -329.2t + 13766, where t is the number of years since 1987, we need to substitute t with the value corresponding to the year 1992. Since 1992 is 5 years after 1987, we can calculate t to be 5 (t=1992-1987).

Substituting t=5 into the equation gives us:

B(5) = -329.2(5) + 13766

B(5) = -1646 + 13766

B(5) = 12120

Therefore, there were 12,120 federally insured banks in the year 1992.

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