Refer to Example 11. Use the model to predict the home ownership rate in the United States

Question:

Refer to Example 11. Use the model to predict the home ownership rate in the United States in 2030 (to the nearest tenth of a percent).


Data from Example 11

The U.S. Census Bureau published the data in Table 1 on home ownership rates. Let x represent time in years with x = 0 representing 1900. Use logarithmic regression to find the best model of the form y = a + b ln x for the home ownership rate y as a function of time x. Use the model to predict the home ownership rate in the United States in 2025 (to the nearest tenth of a percent).

Table 1 Home Ownership Rates Rate(%) 55.0 61.9 62.9 64.4 64.2 67.4 66.9 Year 1950 1960 1970 1980 1990 2000

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Finite Mathematics For Business Economics Life Sciences And Social Sciences

ISBN: 9780134862620

14th Edition

Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker

Question Posted: