<PRE><B>Question 63252</B>
The Regression equation of Y on X  is given by Y = a + bX
Considering the years 1,2,3,4,5,6 as X and the prices 8,10,13,11,14,16 as Y.

we have sum(Y) = Na + b*sum(x)
and     sum(XY) = a*sum(X) + b*sum(X^2)

From the given values , sum(X) = 21, sum(Y) = 72, sum(XY)= 277, sum(X^2) = 91

and N = 6

So 72 = 6a + 21b and 
   24 = 2a + 7b

Solving the above two equations we get a = 7 and b = 10/7 = 1.4

Thus the regression formula is Y = 7 + 1.4X

Now when X =  20, Y = 7 + 1.4 * 20
                  Y = 7 + 28
                    = 35

So 2020 predicted price would be $35


Good Luck!!!


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