Question

The price of a movie ticket in a given year can be modeled by the regression equation y = 6.94(1.02x), where y is the ticket price and x is the year. To the nearest cent, which is the best prediction of the price of a ticket in year 25? (Year 1 = 2007)

Answer 1

I would say that the price would be 176.97.

Answer 2

11.38.

Explanation:

Given :The price of a movie ticket in a given year can be modeled by the regression equation
`y = 6.94(1.02^x)`, where y is the ticket price and x is the year.

To Find: . To the nearest cent, which is the best prediction of the price of a ticket in year 25?

Solution:

`y = 6.94(1.02^x)`

Where y is the ticket price and x is the year.

Now we are supposed to find which is the best prediction of the price of a ticket in year 25

Substitute x = 25 in the given equation.

`y = 6.94(1.02^(25))`

`y =11.38580`

Thus the best prediction of the price of a ticket in year 25 is 11.38.