The Social Security (FICA) wage base (in thousands of dollars) from 1996 to 2001 is given in the following table: Find an equation of the least-squares line for these data. (Let x = 1 represent the year 1996.) Please round the coefficients in your equation to three decimal places. Use the result to estimate the FICA wage base in the year 2007.
A) y = 3.587x + 58.368; $101,412
B) y = 3.587x + 58.368; $101,306
C) y = 3.574x + 58.440; $101,553
D) y = 3.574x + 58.440; $101,328

Question

The Social Security (FICA) wage base (in thousands of dollars) from 1996 to 2001 is given in the following table:  Find an equation of the least-squares line for these data. (Let x = 1 represent the year 1996.) Please round the coefficients in your equation to three decimal places. Use the result to estimate the FICA wage base in the year 2007.
A) y = 3.587x + 58.368; $101,412 
B) y = 3.587x + 58.368; $101,306 
C) y = 3.574x + 58.440; $101,553 
D) y = 3.574x + 58.440; $101,328

Quizplus · Accepted Answer

The Answer of The Social Security (FICA) wage base (in thousands of dollars) from 1996 to 2001 is given in the following table:  Find an equation of the least-squares line for these data. (Let x = 1 represent the year 1996.) Please round the coefficients in your equation to three decimal places. Use the result to estimate the FICA wage base in the year 2007.
A) y = 3.587x + 58.368; $101,412 
B) y = 3.587x + 58.368; $101,306 
C) y = 3.574x + 58.440; $101,553 
D) y = 3.574x + 58.440; $101,328

The Social Security (FICA) Wage Base (In Thousands of Dollars)