Answered: The following table shows retail sales…

The following table shows retail sales in drug stores in billions of dollars in the U.S. for years since 1995. Year Retail Sales 0 85.851 3 108.426 6 141.781 9 169.256 12 202.297 15 222.266

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Question

The following table shows retail sales in drug stores in billions of dollars in the U.S. for years since 1995.

Year	Retail Sales
0	85.851
3	108.426
6	141.781
9	169.256
12	202.297
15	222.266

Let � be the retails sales in billions of dollars in � years since 1995. A linear model for the data is �=9.44�+84.182.

36912158090100110120130140150160170180190200210220

A) Use the above scatter plot to decide whether the line of best fit, fits the data well.

The function is a good model for the data.
The function is not a good model for the data

B) To the nearest billion, estimate the retails sales in the U. S. in 2017. billions of dollars.

C) Use the equation to find the year in which retails sales will be $231 billion.

Expression, rule, or law that gives the relationship between an independent variable and dependent variable. Some important types of functions are injective function, surjective function, polynomial function, and inverse function.

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Step 1: Given Information:

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Step 2: A linear model for the data given as:

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Step 3: B. To the nearest billion, estimate the retails sales in the U. S. in 2017. billions of dollars.

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Step 4: C) Use the equation to find the year in which retails sales will be $231 billion.

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