Monthly private school tuition based on the average number of weeks in attendance is predicted using the least-square regression
line, y=265.9+93.4x, where y represents the predicted monthly expense and x represents the average number of weeks in attendance. A child attends private school an average of 3.5 weeks and has a monthly cost of $595. What is the residual for the child?
A: -2.2
B: 2.2
C: 3.52
D: -3.52
E: 90.7
A: -2.2
B: 2.2
C: 3.52
D: -3.52
E: 90.7
1 answer:
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Answer:
$265
Step-by-step explanation:
We can use the simple interest formula for this:
<em>P = initial balance</em>
<em>r = annual interest rate</em>
<em>t = time</em>
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First, change 4% into its decimal form:
4% -> -> 0.04
Next, we need to change the annual interest rate to 1.5 since 18 months is 1.5 years. Now plug in the values:
Eugene owes $265 of interest.