For this exercise, round all regression parameters to three decimal places. The following table shows the annual profits from a family-owned company, measured in thousands of dollars t years since 2000. t= years since 2000 Profits in thousands of dollars 123 5 164 10 227 15 325 a) Find an exponential function that approximates the data fôr profits. (Let t be years since 2000 and P the profits in thousands of dollars.) Answer: A. P = 992.002 1.002t B. P = 120.81 1.067t C. P = 73.117 * 1.092t D. P = 3118.372 * 0.916t E. P = 2558.371 * 0.872t b) By what percent per year were the profits increasing during the period from 2000 through 2015? (Use the model found in part a. Round your answers to one decimal place.) c) Use functional notation to express how much profit the company made in the year 2012. (Let t be years since 2000.) PC Estimate that value. (Use the mode found in part a. Round your answers to the nearest integer.) thousand dollars

For this exercise, round all regression parameters to three decimal places. The following table shows the annual profits from a family-owned company, measured in thousands of dollars t years since 2000. t= years since 2000 Profits in thousands of dollars 123 5 164 10 227 15 325 a) Find an exponential function that approximates the data fôr profits. (Let t be years since 2000 and P the profits in thousands of dollars.) Answer: A. P = 992.002 1.002t B. P = 120.81 1.067t C. P = 73.117 * 1.092t D. P = 3118.372 * 0.916t E. P = 2558.371 * 0.872t b) By what percent per year were the profits increasing during the period from 2000 through 2015? (Use the model found in part a. Round your answers to one decimal place.) c) Use functional notation to express how much profit the company made in the year 2012. (Let t be years since 2000.) PC Estimate that value. (Use the mode found in part a. Round your answers to the nearest integer.) thousand dollars

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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Concept explainers

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.

Question

For this exercise, round all regression parameters to three decimal places. The following
table shows the annual profits from a family-owned company, measured in thousands of dollars
t years since 2000.
t= years since 2000
Profits in thousands of dollars
123
164
10
227
15
325
a) Find an exponential function that approximates the data fôr profits. (Let t be years since 2000
and P the profits in thousands of dollars.)
Answer:
A. P = 992.002 * 1.002t
B. P = 120.81 * 1.067t
C. P = 73.117 * 1.092t
D. P = 3118.372 * 0.916t
E. P = 2558.371 * 0.872t
b) By what percent per year were the profits increasing during the period from 2000 through
2015? (Use the model found in part a. Round your answers to one decimal place.)
%
c) Use functional notation to express how much profit the company made in the year 2012. (Let
t be years since 2000.)
P(
Estimate that value. (Use the mode found in part a. Round your answers to the nearest integer.)
thousand dollars

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