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The linear regression equation that represents this data set is equal to y = 11.7x + 48.2 and an estimate of the calendar year is 2022.
First of all, we would determine the slope of the given data set by using this formula:
[tex]Slope = \frac{\sum (x-\bar x)(y-\bar y)}{\sum (x-\bar x)^2}[/tex]
For the sample mean (years), we have:
∑x = 0 + 1 + 2 + 3
∑x = 6.
∑x² = 0² + 1² + 2² + 3²
∑x² = 14.
For the sample mean (profits), we have:
∑y = 46 + 57 + 84 + 76
∑y = 263.
∑xy = (0 × 46) + (1 × 57) + (2 × 84) + (3 × 76)
∑xy = 453.
Now, we can determine the slope:
[tex]Slope = \frac{4(453) - 6(263)}{4(14) - 6^2} \\\\Slope = \frac{234}{20}[/tex]
Slope, m = 11.7.
For the intercept, we have:
[tex]Intercept = \frac{14(263) - 6(453)}{4(14) - 6^2} \\\\Intercept = \frac{964}{20}[/tex]
Intercept, c = 48.2.
Therefore, the linear regression equation is given by:
y = 11.7x + 48.2.
Since the profit would reach 144,000 dollars, the calendar year would be calculated as follows:
144 = 11.7x + 48.2
11.7x = 144 - 48.2
11.7x = 95.8
x = 95.8/11.7
x = 8.2.
For the calendar year, we have:
Year = 2014 + 8.2
Year = 2022.2 ≈ 2022.
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