Question

Michael Jordan is arguably the most renowned athlete of all times. With millions of dollars in endorsements in addition to his multi-million dollar salary, he is one of the wealthiest athletes of history. Below is a table on NBA average annual salaries. 1980 1985 1990 1995 1996 1997 1998 Years Annual Salary (thousands of dollars) 170 325 750 1,900 2,000 2,200 2,600

1. Find the best-fit equation for the annual average salary of an NBA player since 1980? (Round to 0.01 accuracy) |
2. According to the best-fit equation, when was the average annual salary $4,500,000?
3. According to the best-fit equation, what was the average annual salary of an NBA player in 20052

Answer 1

1. The best-fit equation for the annual average salary of an NBA player since 1980 is y = 50808.33x - 98901750. 2. The average annual salary of $4,500,000 was in the year 1987. 3. The average annual salary of an NBA player in 2005 was approximately $1,948,690.52.

Step-by-step explanation:

1. Best-fit equation for NBA average annual salary:

To find the best-fit equation for the annual average salary of an NBA player since 1980, we can use linear regression. Using the given data points, we can plot them on a graph and fit a line that best represents the trend of the data. The equation of this line is in the form y = mx + b, where y is the annual salary and x is the year. By calculating the slope (m) and the y-intercept (b) of the line, we can find the best-fit equation.

By using the linear regression method, the best-fit equation for the average annual salary of an NBA player since 1980 is y = 50808.33x - 98901750.

2. When was the average annual salary $4,500,000?

To find when the average annual salary was $4,500,000, we can substitute $4,500,000 for y in the best-fit equation and solve for x. $4,500,000 = 50808.33x - 98901750. Solving the equation, we find that x = 1986.69, which rounds to 1987. Therefore, the average annual salary was $4,500,000 in the year 1987.

3. What was the average annual salary in 2005?

To find the average annual salary in 2005, we can substitute 2005 for x in the best-fit equation and solve for y. Using the equation y = 50808.33x - 98901750, we find that y = 50808.33 * 2005 - 98901750 = $1,948,690.52. Therefore, the average annual salary of an NBA player in 2005 was approximately $1,948,690.52.