Credit card companies aggressively compete for credit card holders. The percentage of Americans having credit cards has increased inrecent years, as shown in the following table.Percentage of AmericansHaving a Credit CardYear19891992199519982001Percentage56.062.466.467.572.7(a) Use these data to determine the linear least squares regression function with percentage having a credit card as a functionof years since 1989 (x = 0 for 1989). (Round any numerical values to two decimal places.)f(x) =(b) Use the linear function to estimate the percentage having a credit card in 1981. (Round your answer to one decimal place.)%(c) Use the linear function to estimate the percentage having a credit card in 2007. (Round your answer to one decimal place.)%(d) According to the function, when will 100% of Americans have a credit card? (Round your answer to the nearest year.)

The linear equation is defined as y=a+bx . The least square regression technique uses a dataset to…

Answered: Credit card companies aggressively…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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An engineer wants to determine how the weight of a gas-powered car, x, affects gas mileage, y. The accompanying data represent the weights of various domestic cars and their miles per gallon in the city for the most recent model year. Complete parts (a) through (d) below. (a) Find the least-squares regression line treating weight as the explanatory variable and miles per gallon as the response variable. y=nothingx+(nothing) (Round the x coefficient to five decimal places as needed. Round the constant to one decimal place as needed.) (b) Interpret the slope and y-intercept, if appropriate. Choose the correct answer below and fill in any answer boxes in your choice. (Use the answer from part a to find this answer.) A. A weightless car will get nothing miles per gallon, on average. It is not appropriate to interpret the slope. B. For every pound added to the weight of the car, gas mileage in the city will decrease by nothing mile(s) per gallon, on…
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Report the equation of the regression line and interpret it in the context of the problem
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The following table gives estimates of the percent of a certain country's population below the poverty level for 1998–2008. Year Percent 1998 12.8 2000 11.2 2002 12.1 2004 12.7 2006 12.9 2008 13.2 Find the least squares line that relates years to percent below the poverty level. (Let x = 0 represent the year 1998. Enter a mathematical expression.
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