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Linear Regression

A study of average hourly earnings in manufacturing is made. The results are:

Year Earnings
1976 5.22
1977 5.68
1978 6.17
1979 6.7
1980 7.27
1981 7.99
1982 8.49
1983 8.83
1984 9.23

a. Using the least squares coded method, determine the equation for the straight line going through the earnings.
b. Project, using the equation for the average hourly earnings for the year 1990

$2.19