Question 174695This question is from textbook Amsco's Preparing for the Regents Examination Mathematics B
: The following table provides the average cost per No-fault Clain in NYS.
Year Average Cost
1990 $3,360
1991 $3,788
1992 $4,197
1993 $4,396
1994 $4,623
1995 $4,862
1996 $4,969
1997 $5,675
1998 $6,064
1999 $6,700
Part...
(a) Determine the linear and exponential functions that best fit this data. (Remember to let t=0 represent 1990.)
(b)Which function do you think is most accurate? Which would you prefer to be most accurate? Explain your reasoning.
Can someone please help and show work =D thanks you so much!
Happy New Years !!!!!!!!!!!!
This question is from textbook Amsco's Preparing for the Regents Examination Mathematics B
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! The following table provides the average cost per No-fault Clain in NYS.
Year Average Cost
1990 $3,360
1991 $3,788
1992 $4,197
1993 $4,396
1994 $4,623
1995 $4,862
1996 $4,969
1997 $5,675
1998 $6,064
1999 $6,700
Part...
(a) Determine the linear and exponential functions that best fit this data. (Remember to let t=0 represent 1990.)
Linear Regression Eq: y = 335.39x + 3354.13; R-value = 0.9821...
Exponential Regress Eq: y = 3489.42(1.0717..)^x ; R-value = 0.9886
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Since the R-value with the Exponential is greater than the R-value with
the Linear, the Exponential is a better model.
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Note: I used a TI-83 graphing calculator to generate the reqression equations.
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Cheers,
Stan H.
(b)Which function do you think is most accurate? Which would you prefer to be most accurate? Explain your reasoning.
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