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Can you use polynomials to model these situations?

Can you imagine analyzing the elk population problem without technology? It can be done, but it would take a long time to work out the maximum point and the intercepts by hand. In fact, finding the exact locations of the extrema by hand requires knowledge of calculus!

Let’s explore more modeling situations that require the use of technology. Read through the problem on each tab below. Answer the questions, then check your answers.

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Between the years of 1989 and 1997, the percent of households with incomes of $100,000 or more were recorded. The data are reported in the table below.

Year 0 1 2 3 4 5 6 7 8
Percent 8.05 7.695 7.482 7.411 7.482 7.695 8.05 8.547 9.186

Find a polynomial function that models these data.

house on money

In what year did the percent of families whose incomes were more than $100,000 reach its minimum?

Complete each step, then click it to check your answer.

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The finite differences method indicates a quadratic model.

The polynomial equation that models these data is y=0.071x20.426x+8.05.

Rewrite this equation using the variables P and y, where P is the percent of households and y is the year.

P(y)=0.071y20.426y+8.05

Add the curve to the points on the coordinate plane.

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The minimum value is (3, 7.411), which means that at year three, a minimum number of households had an income of $100,000 or more.

Since the data start in 1989 (year 0), the minimum was reached in 1992.