A hospital purchases a $500,000 magnetic resonance imaging (MRI) machine that has a useful life of 9 years. The salvage value at the end of 9 years is $104,000. (a) Write a linear equation that describes the value y (in dollars) of the MRI machine in terms of the time t (in years), 0 sts 9. (b) Find the value, in dollars, of the machine after 5 years. (c) Find the time, in years, when the value of the equipment will be $160,000. (Round your answer to two decimal places.) yr
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
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