The following table gives the monthly premiums for an insurance policy on people of various ages. a. Find an exponential function that models the monthly premium as a function of age. b. Find the quadratic function that is the best fit for the data. c. Graph each function with the data points to determine which model is the better fit. a. The exponential function that models the data is y= (Use integers or decimals rounded the nearest thousandth as needed for any numbers in the expression.) Age 35 40 45 50 55 Monthly Premium (S) 120 151 219 334 532 Age 60 65 70 75 Full data set Monthly Premium (S) 980 1789 3208 5729
The following table gives the monthly premiums for an insurance policy on people of various ages. a. Find an exponential function that models the monthly premium as a function of age. b. Find the quadratic function that is the best fit for the data. c. Graph each function with the data points to determine which model is the better fit. a. The exponential function that models the data is y= (Use integers or decimals rounded the nearest thousandth as needed for any numbers in the expression.) Age 35 40 45 50 55 Monthly Premium (S) 120 151 219 334 532 Age 60 65 70 75 Full data set Monthly Premium (S) 980 1789 3208 5729
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
Transcribed Image Text:K
The following table gives the monthly premiums for an insurance policy on people of various ages.
a. Find an exponential function that models the monthly
premium as a function of age.
b. Find the quadratic function that is the best fit for the data.
c. Graph each function with the data points to determine
which model is the better fit.
a. The exponential function that models the data is y=
(Use integers or decimals rounded to the nearest thousandth as needed for any numbers in the expression.)
Age
35
40
45
50
55
Monthly
Premium (S)
120
151
219
334
532
Age
60
65
70
75
Full data set O
Monthly
Premium (S)
980
1789
3208
5729
Expert Solution
Step 1
Given data is as follows
| Age (x) |
Monthly premium ($) (y) |
| 35 | 120 |
| 40 | 151 |
| 45 | 219 |
| 50 | 334 |
| 55 | 532 |
| 60 | 980 |
| 65 | 1789 |
| 70 | 3208 |
| 75 | 5729 |
The exponential function, quadratic function and determined as shown below.
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