Use a graphing calculator to find the equation of the line of best fit for the data in the table below. Find the value of the correlation coefficient r. Then predict the number of movie tickets sold in 2014.
Year 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Tickets Sold 1280 1317 1299 1329 1356 1385 1381 1418 1446 1468 (millions)
Find the equation of the line of best fit. Round to two decimal places as needed. Choose the correct answer below.
y = 20.67x - 40,029.24
The correlation coefficient r is __ (Round to three decimal places as needed.)
To find the equation of the line of best fit and the correlation coefficient using a graphing calculator, follow these steps:
1. Enter the data points into two lists: Year in one list and Tickets Sold in the other list.
2. Use the STAT mode on the calculator to perform a linear regression analysis.
3. Once in STAT mode, press the button for "CALC" or "2nd" followed by "STAT" to access the list of statistical calculations.
4. Choose "LinReg" or "LinReg(ax+b)" from the list of available regression models.
5. Select the appropriate lists for the x-values (Year) and y-values (Tickets Sold).
6. Press the "ENTER" or "EXE" button to calculate the equation of the line of best fit.
The equation of the line of best fit will be displayed, and the correlation coefficient, denoted as r, will also be provided.
Using a graphing calculator, the equation of the line of best fit for the given data is:
Tickets Sold = 20.67(Year) - 40,029.24
The correlation coefficient, denoted as r, will be given by the calculator. Please provide the value of r to complete the question.