To find:The approximated threshold(in dollars)in 2012,using the given model.
Dillard
Answered question
2021-02-10
Answer & Explanation
brawnyN
Skilled2021-02-11Added 91 answers
Calculation:
The given model is Number of students
Using this model, we can approximate the threshold for a single person between the years 1999 and 2013.
y is the approximated threshold in dollars.
Here, x= 0 corresponds 1999
x=1 corresponds 2000.
x=2 corresponds 2001.
x=3 corresponds 2002.
x= 4 corresponds 2003.
x= 5 corresponds 2004.
So, x= 13 corresponds 2012.
So, substituting x= 6 in the given model, we get the approximated threshold (in dollars) in 2005.
So, estimated threshold in
= 2.719(36) + 196.1(6) + 8718
= 97.884 + 1176.6 + 8718
= 9992.484 dollars
Final statement:
Therefore, the approximated threshold (in dollars) in 2005 is 9992.484 dollars.
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