Question

The annual profits for a company are given in the following table, where x represents the number of years since 2002, and y represents the profit in thousands of dollars. Write the linear regression equation that represents this set of data, rounding all coefficients to the nearest hundredth. Using this equation, find the projected profit (in thousands of dollars) for 2010, rounded to the nearest thousand dollars.

Answer 1

The equation of the best fit is y = 16.89x + 134.95 and projected profit is $2700.07

What is the line of best fit?

A mathematical notion called the line of the best fit connects points spread throughout a graph. It's a type of linear regression that uses scatter data to figure out the best way to define the dots' relationship.

$\rm m = \dfrac{n\sum xy-\sum x \sum y}{n\sum x^2 - (\sum x)^2}$

$\rm c = \dfrac{\sum y -m \sum x}{n}$

The line of best fit;
y = mx + c

m = 16.89

c = 134.95

y = 16.89x + 134.95

Plug x = 2010 - 2002 = 8

y = 16.89(8) + 134.95

y = $2700.07

Thus, the equation of the best fit is y = 16.89x + 134.95 and projected profit is $2700.07

Learn more about the line of best fit here:

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