Explore BrainMass

Explore BrainMass

    Correlation and Regression

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Consumer Debt: Bank credit card debt has risen steadily over the years.
    The table gives debt per household in 1994 dollars.

    Year (x)      1975       1980     1985     1990     1995
    Debt (y)      270       650    1100    1800    3100

    a.  Plot the data.  Does the graph show a linear pattern?
    b.  Find the equation of the least squares line and graph it on the same axes.  Does the line appear to be a good fit?
    c. Find and interpret the coefficient of correlation.
    d. If this linear trend continues, when will household debt reach $3300?

    © BrainMass Inc. brainmass.com March 4, 2021, 5:40 pm ad1c9bdddf
    https://brainmass.com/math/graphs-and-functions/correlation-regression-5196

    Attachments

    Solution Summary

    Find the equation of the least squares line finds and interprets the coefficient of correlation.

    $2.19

    ADVERTISEMENT