Alex puts his spare change in a jar every night. If he has $11.09 at the end of January, $22.27 at the end of February, $44.35 in April, $75.82 in July, $89 in August, and $114.76 at the end of October, what is the equation of the best fitting line?
1 Answer
Explanation:
A quick way to make an approximation is to set up a table with the values, then look for a trend in the change in the values. IN this case you will see a trend of approximately +22-25 between each value for each increasing monthly increment.
Thus, as rough linear equation fitting this data could be:
A more accurate estimation may be done with a "least-squares" analysis linear regression. With only six data points the real value of such an approximation is not much better than the original equation given, as shown by the large "off-set" required.
Slope 21.4288571429
Intercept -15.4526666667
