Household income: The following table shows the median income, in thousands of dollars, of American families for 2000 through 2005. a. Plot the data. Does it appear reasonable to model family income...

Household income: The following table shows the median income, in thousands of dollars, of American families for 2000 through 2005.

a. Plot the data. Does it appear reasonable to model family income using an exponential function?

b. Use exponential regression to construct an exponential model for the income data.

c. What was the yearly percentage growth rate in median family income during this period?

 d. From 2000 through 2005, inflation was about 2.4% per year. If median family income beginning at $50,730 in 2000 had kept pace with inflation, what would be the median family income in 2005? Round your answer to the nearest $10.

 e. Consider a family that has the median income of $56,190 in 2005. Use your answer to part d to determine what percentage increase in income would be necessary in order to bring that family’s income in line with inflation over the time period covered in the table.