Step 1 :The problem is asking to find an exponential function that models the given data. An exponential function has the form \(y = ab^x\), where \(a\) is the initial value (the value of \(y\) when \(x=0\)), \(b\) is the growth factor, and \(x\) is the exponent. In this case, \(x\) represents the number of years after 1957 and \(y\) represents the total personal income of the country in billions of dollars.
Step 2 :To find the values of \(a\) and \(b\), we can use two data points from the table. Let's use the data for the years 1957 and 1967. In 1957, \(x=0\) and \(y=410.5\). In 1967, \(x=10\) and \(y=838.3\).
Step 3 :We can set up two equations using these data points and solve for \(a\) and \(b\). The first equation is \(410.5 = ab^0\), which simplifies to \(410.5 = a\).
Step 4 :The second equation is \(838.3 = a*b^{10}\). Substituting \(a=410.5\) into this equation, we get \(838.3 = 410.5*b^{10}\). Solving this equation for \(b\) will give us the growth factor.
Step 5 :By solving the equation, we find that the growth factor \(b\) is approximately 1.074. Therefore, the equation of the exponential function that models the data is \(y = 410.5*(1.074)^x\).
Step 6 :\(\boxed{y = 410.5*(1.074)^x}\) is the final answer.