Finance The table shows the median home prices in Florida. What is the equation of a trend line that models a relationship between time and home prices? Use the equation to predict the median home price in 2020.
Year | 1940 | 1950 | 1960 | 1970 | 1980 | 1990 | 2000 |
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Median Price ($) | 23,100 | 40,100 | 58,100 | 57,600 | 89,300 | 98,500 | 105,500 |
Know | Need | Plan |
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Seven data points | The equation of a trend line |
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The table shows median home prices in California. What is an equation for a trend line that models the relationship between time and home prices?
Year | 1940 | 1950 | 1960 | 1970 | 1980 | 1990 | 2000 |
---|---|---|---|---|---|---|---|
Median Price ($) | 36,700 | 57,900 | 74,400 | 88,700 | 167,300 | 249,800 | 211,500 |
The trend line that gives the most accurate model of related data is the line of best fit. One method for finding a line of best fit is linear regression. You can use the LinReg function on your graphing calculator to find the line of best fit. The correlation coefficient, r, indicates the strength of the correlation. The closer r is to 1 or