document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1104549>Question 1104549</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Please help me solve this word problem: in 1997, there were a total of 1,316,999 bankruptcies filed under the Bankruptcy Reform Act. The model for the number of bankruptcies filed is B(t)=0.798*1.164^t, where t is the number of years since 1994 and B is the number of bankruptcies filed in terms of millions (administrative office in US courts, statistical tables for the federal judiciary). In what year is it predicted that 12 million bankruptcies will be filed? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #853923 by </B><A HREF=/tutors/aboutme.mpl?userid=ikleyn><B>ikleyn(53742)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=ikleyn><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=ikleyn><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=853923\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> .<BR>\n" );
document.write( "Please help me solve this word problem: <BR>\n" );
document.write( "in 1997, there were a total of 1,316,999 bankruptcies filed under the Bankruptcy Reform Act. <BR>\n" );
document.write( "The model for the number of bankruptcies filed is B(t)=0.798*1.164^t, where t is the number of years since 1994 <BR>\n" );
document.write( "and B is the number of bankruptcies filed in terms of millions (administrative office in US courts, <BR>\n" );
document.write( "statistical tables for the federal judiciary). In what year is it predicted that 12 million bankruptcies will be filed?<BR>\n" );
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document.write( "Been a curious person, I asked Google: \"What is the maximum number of bankrupts per year in the US history ?\"\r<BR>\n" );
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document.write( "Below is the Google answer\r<BR>\n" );
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document.write( "The maximum number of bankruptcy filings in US history occurred in 2005, with over two million cases filed. <BR>\n" );
document.write( "This record spike was driven by a rush to file before the implementation of the Bankruptcy Abuse Prevention <BR>\n" );
document.write( "and Consumer Protection Act (BAPCPA) in October of that year. \r<BR>\n" );
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document.write( "Key Data Points:\r<BR>\n" );
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document.write( "Historical Peak: 2005 saw > 2 million total (individual and business) cases.\r<BR>\n" );
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document.write( "Pre-2005 Surge: 1 in 55 households filed for bankruptcy in 2005.\r<BR>\n" );
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document.write( "Recent Corporate Highs: In terms of large corporate bankruptcies, 2024 saw a 14-year high with 694 companies filing, according to data from LPL Financial.\r<BR>\n" );
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document.write( "Record Failure: The largest bankruptcy by assets in US history was Lehman Brothers in 2008 ($691 billion), notes <BR>\n" );
document.write( "Statista. \r<BR>\n" );
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document.write( "So, based on this data, I think that the proposed model in the post <BR>\n" );
document.write( "is NOT adequate, has NO any relation to reality, is pure imagination and is fundamentally wrong.\r<BR>\n" );
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document.write( " </SPAN>\n" );
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