SOLUTION: How can I interpolate the data 1 hour for $150, 3 hours for $175, 4 hours for $185, 6 hours for $200, 8 hours for $300 to estimate the amount of money Gracie may earn if she displa

Question 1046605: How can I interpolate the data 1 hour for $150, 3 hours for $175, 4 hours for $185, 6 hours for $200, 8 hours for $300 to estimate the amount of money Gracie may earn if she displays her items for 7 hours.
Thanks you for your help.
Found 2 solutions by ewatrrr, rothauserc:
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!

depending on accuracy needed:
One may want to use a scatter plot in Excel and find the equation of the trend line
Answer by rothauserc(4718) (Show Source): You can put this solution on YOUR website!
We need to do a linear regression analysis, the general equation is
:
y = b0 + (b1 * x)
:
let x be the hour/s of display and y be the cost
:
first step is to calculate the mean for x and the mean for y
:
x mean = (1 + 3 + 4 + 6 + 8) / 5 = 4.4
y mean = (150 + 175 + 185 + 200 + 300) / 5 = 202
:
now we can calculate
:
b1 = [summation of (xi - xmean) * (yi - ymean)] / [summation (xi -xmean)^2] = 571 / 29.2 = 19.5548
:
b0 = ymean - b1 * xmean = 202 - (19.5548 * 4.4) = 115.9589
:
***********************************************************
our linear regression equation is
:
y = 19.5548x + 115.9589
:
if x = 7, then
:
y = 19.5548*7 + 115.9589 = 252.8425 approx $253
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