EXAMPLE 1 Buying a Car Ben wants to buy a car, and he has narrowcd his choices to two models. Model A sells for $12,500, gets 25 mi/gal, and costs $350 a year for insurance. Model B sells for $21,000, gets 48 mi/gal, and costs $425 a year for insurance. Ben drives about 36,000 miles a year, and gas costs about $4.00 a gallon. (a) Find a formula for the total cost of owning Model A for any number of years. (b) Find a formula for the total cost of owning Model B for any number of years. (c) Make a table of the total cost of owning each model from 1 year to 6 years, in 1-year increments. (d) If Ben expects to keep the car for 3 years, which model is more economical? What if he expects to keep it for 5 years?
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.
Find the number of years of ownership for which the cost of Ben (Problem attached) of owning Model A equals the cost of owning Model B.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
