The annual profits for a company are given in the following table, where x represents the number of years since 2004, and y represents the profit in thousands of dollars. Write the linear regression equation that represents this set of data, rounding all coefficients to the nearest tenth. Using this equation, find the projected profit (in thousands of dollars) for 2012, rounded to the nearest thousand dollars. Years since 2004 (x) Profits (y) (in thousands of dollars) 0 110 1 137 2 135 3 141 4 160 5 172
The annual profits for a company are given in the following table, where x represents the number of years since 2004, and y represents the profit in thousands of dollars. Write the linear regression equation that represents this set of data, rounding all coefficients to the nearest tenth. Using this equation, find the projected profit (in thousands of dollars) for 2012, rounded to the nearest thousand dollars. Years since 2004 (x) Profits (y) (in thousands of dollars) 0 110 1 137 2 135 3 141 4 160 5 172
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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Question
The annual profits for a company are given in the following table, where x represents the number of years since 2004, and y represents the profit in thousands of dollars. Write the linear regression equation that represents this set of data, rounding all coefficients to the nearest tenth. Using this equation, find the projected profit (in thousands of dollars) for 2012, rounded to the nearest thousand dollars.
| Years since 2004 (x) | Profits (y) (in thousands of dollars) |
| 0 | 110 |
| 1 | 137 |
| 2 | 135 |
| 3 | 141 |
| 4 | 160 |
| 5 | 172 |
Expert Solution
Step 1
Given,
| Years since 2004 (x) | Profits (y) (in thousands of dollars) |
| 0 | 110 |
| 1 | 137 |
| 2 | 135 |
| 3 | 141 |
| 4 | 160 |
| 5 | 172 |
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