The Social Security (FICA) wage base (in thousands of dollars) from 1996 to 2001 is given in the accompanying table: Find an equation of the least-squares line for these data. (Let x = 1 represent the year 1996.) Please round the coefficients in your equation to three decimal places. Use the result to estimate the FICA wage base in the year 2002.
A) y = 3.563x + 58.329; $83,376
B) y = 3.574x + 58.440; $83,458
C) y = 3.574x + 58.440; $83,683
D) y = 3.563x + 58.329; $83,270

Question

The Social Security (FICA) wage base (in thousands of dollars) from 1996 to 2001 is given in the accompanying table:  Find an equation of the least-squares line for these data. (Let x = 1 represent the year 1996.) Please round the coefficients in your equation to three decimal places. Use the result to estimate the FICA wage base in the year 2002.
A) y = 3.563x + 58.329; $83,376 
B) y = 3.574x + 58.440; $83,458 
C) y = 3.574x + 58.440; $83,683 
D) y = 3.563x + 58.329; $83,270

Quizplus · Accepted Answer

The Answer of The Social Security (FICA) wage base (in thousands of dollars) from 1996 to 2001 is given in the accompanying table:  Find an equation of the least-squares line for these data. (Let x = 1 represent the year 1996.) Please round the coefficients in your equation to three decimal places. Use the result to estimate the FICA wage base in the year 2002.
A) y = 3.563x + 58.329; $83,376 
B) y = 3.574x + 58.440; $83,458 
C) y = 3.574x + 58.440; $83,683 
D) y = 3.563x + 58.329; $83,270

The Social Security (FICA) Wage Base (In Thousands of Dollars)