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(b) Use the least squares method to develop the estimated regression equation that can be used to predict itemized deductions (in $1,000s) given the adjusted gross income (in $1,0005). (Round your numerical values to three decimal places.) )7 = 4.68 + 0,161 X To the Internal Revenue Service, the reasonableness of total itemized deductions depends on the taxpayer's adjusted gross income. Large deductions, which include charity and medical deductions, are more reasonable for taxpayers with large adjusted gross incomes. If a taxpayer claims larger than average itemized deductions for a given level of income, the chances of an IRS audit are increased. Data (in thousands of dollars) on adjusted gross income and the average or reasonable amount of itemized deductions follow. Adjusted Gross Income Itemized Deductions ($13005) ($1,0005) 22 9.6 27 9.6 32 10.1 48 11.1 65 13.5 85 17.7 120 25.5