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The Personal Consumption Expenditures for Telephones

The personal consumption expenditures for telephone, in billions of dollars, in the United States for the year 1996 to 2001 are given below. Determine the least squares equation, and estimate the expenditure for 2004.

Year Code Expenditure ($billions)
1996 1 37.9
1997 2 39.8
1998 3 40.4
1999 4 42.7
2000 5 44.1
2001 6 47.1

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$2.19