Final answer:
The equation of the line of best fit, rounded to three decimal places, is y = 0.090x + 35.250, with a slope of approximately 0.09 and a y-intercept of approximately 35.25.
Step-by-step explanation:
To determine the equation of the line of best fit, we use the method of least squares which tells us that the line is generally represented as y = mx + b, where m is the slope and b is the y-intercept. Using the provided calculations, the slope is determined to be approximately 0.09, and the y-intercept is found by substituting the sum of the median x and y values into the formula b = y - mx, which gives us b ≈ 35.25 after rounding. Therefore, the equation of the line of best fit, rounded to three decimal places, is y = 0.090x + 35.250.
For additional context, the slope represents the change in y for each unit change in x, and the y-intercept is the value of y when x is 0. Knowing the formula for the line of best fit allows us to predict y values for given x values based on historical data represented in the scatter plot.