present Iculation, Application/Analysis, profits millions of dollars) of Express Scripts from 2004 through 2013 are shown in the table. 2008 Year 2004 2005 2006 2007 2009 2010 2011 2012 2013 Profit 300.1 388.1 468.7 620.6 779.6 826.5 1204.6 1275.8 1340.5 1898.2 A model for these data is given by P= 147.8e0.196, where t represent the year, with t = 4 corresponding to 2004. a. How well does the model fit the data? b. Find a linear model for the data. How well does the linear model fit the data? c. Which model, exponential, is a better fit? d. Use both models to predict the net profit in 2018.
present Iculation, Application/Analysis, profits millions of dollars) of Express Scripts from 2004 through 2013 are shown in the table. 2008 Year 2004 2005 2006 2007 2009 2010 2011 2012 2013 Profit 300.1 388.1 468.7 620.6 779.6 826.5 1204.6 1275.8 1340.5 1898.2 A model for these data is given by P= 147.8e0.196, where t represent the year, with t = 4 corresponding to 2004. a. How well does the model fit the data? b. Find a linear model for the data. How well does the linear model fit the data? c. Which model, exponential, is a better fit? d. Use both models to predict the net profit in 2018.
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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(Representation, Calculation, Application/Analysis, Communication) The net profits millions of dollars) of Express Scripts from 2004 through 2013 are shown in the table. Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Profit 300.1 388.1 468.7 620.6 779.6 826.5 1204.6 1275.8 1340.5 1898.2 A model for these data is given by P = 147.8e0.196t, where t represent the year, with t = 4 corresponding to 2004. a. How well does the model fit the data? b. Find a linear model for the data. How well does the linear model fit the data? c. Which model, exponential, is a better fit? d. Use both models to predict the net profit in 2018.
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Transcribed Image Text:(Representation, Calculation, Application/Analysis, Communication) The net profits
millions of dollars) of Express Scripts from 2004 through 2013 are shown in the table.
Year 2004 2005 2006 2007 2008 2009 2010 2011 2012
2013
Profit 300.1 388.1 468.7 620.6 779.6 826.5 1204.6 1275.8 1340.5 1898.2
A model for these data is given by P = 147.8e0.196t, where t represent the year, with t = 4
corresponding to 2004.
a. How well does the model fit the data?
b. Find a linear model for the data. How well does the linear model fit the data?
c. Which model, exponential, is a better fit?
d. Use both models to predict the net profit in 2018.
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