Math Problem Statement
The table below shows the value,
V
, of an investment (in dollars)
n
years after 1991.
n 1 3 7 12 14 19 V 16861 16055.34 15427 14658.96 13754 11931.05
Determine the linear regression equation that models the set of data above, and use this equation to answer the questions below. Round to the nearest tenth as needed. Based on this regression model, the value of this investment was $ in the year 1991. Based on the regression model, the value of this investment is ___________ at a rate of $ _______ per year
Solution
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Math Problem Analysis
Mathematical Concepts
Linear Regression
Algebra
Formulas
Linear regression equation: V(n) = an + b
Theorems
Least Squares Method
Suitable Grade Level
Grades 10-12