The table shows the average annual cost of tuition at 4-year institutions from 2003 to 2010. what is the best estimate for the average cost of tuition at a 4-year institution starting in 2020. (hint: use the graph from desmos, or your equation from part a). what does the slope mean in context of the situation?

1) The best estimate for the average cost of tuition at a 4-year institution starting in 2020 =$ 31524.31

2) The slope of regression line b=937.97 represents the rate of change of  average annual cost of tuition at 4-year institutions (y) from 2003 to 2010(x).  Here,average annual cost of tuition at 4-year institutions is dependent on school years .

Step-by-step explanation:

1) For the given situation we need to find linear regression equation Y=a+bX for the given situation.

Let x be the number of years starting with 2003 to 2010.

i.e. n=8

and y be the average annual cost of tuition at 4-year institutions from 2003 to 2010.  

With reference to table we get

By using above values find a and b for Y=a+bX, where b is the slope of regression line.

and

∴ To find average cost of tuition at a 4-year institution starting in 2020.(as n becomes 18 for year 2020 if starts from 2003 ⇒X=18)

So, Y= 14640.85 + 937.97×18 = 31524.31

∴The best estimate for the average cost of tuition at a 4-year institution starting in 2020 = $31524.31

c

step-by-step explanation:

b