Question

In the following table, the age (in years) of the respondents is given as the x value, and the earnings (in thousands of dollars) of the respondents are given as the y value. Use Excel to find the best fit linear regression equation in thousands of dollars. Round the slope and intercept to three decimal places.

Answer 1

The required equation based on the information given is y =0.433x + 24.493

How to illustrate the information?

It should be noted that one can simply copy and paste the data set into excel sheet

Then, use intercept and the slope formula to find slope and intercept. We will have

slope = SLOPE(y values, x values)

= 0.433

intercept = INTERCEPT(y values, x values)

= 24.493

Therefore, the required equation is y =0.433x + 24.493

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