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
Ticket Sold (millions) 1281 1304 1305 1348 1363 1378 1408 1417 1448 1460
Find the equation of the line of best fit. Round to two decimal places as needed. Choose the correct answer below.
A. y = -39,576.89x + 20.45 B. y = 20.45x - 39,576.89
C. y = -39,576.89 D. y = 20.45x + 39,576.89
To find the equation of the line of best fit using a graphing calculator, follow these steps:
1. Enter the data into lists. Let L1 represent the years and L2 represent the number of movie tickets sold.
Year (L1): 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Tickets Sold (L2): 1281 1304 1305 1348 1363 1378 1408 1417 1448 1460
2. Go to the STAT menu on the calculator.
3. Enter the data into the lists. Press STAT, then EDIT. Enter the years in L1 and the number of movie tickets sold in L2.
4. Go to the CALC menu and select the "LinReg(ax+b)" function. Press STAT, then CALC, then select option 4: LinReg(ax+b).
5. Press ENTER to see the results. The equation of the line of best fit will be displayed.
The equation of the line of best fit for the given data is:
y = 20.45x - 39,576.89
Therefore, the correct answer is B. y = 20.45x - 39,576.89.
To predict the number of movie tickets sold in 2014, substitute x = 2014 into the equation and solve for y:
y = 20.45(2014) - 39,576.89
Calculating this expression will give you the predicted number of movie tickets sold in 2014.