Data Analysis The table shows the average room rates for a hotel room in the United

Chapter 7, Problem 64

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Data Analysis The table shows the average room rates for a hotel room in the United States for the years 1995 through 2001. (Source: American Hotel & Motel Association) (a) Use the technique demonstrated in Exercises 5762 to set up a system of equations for the data and to find the least squares regression line Let represent the year, with corresponding to 1995. (b) Use the regression feature of a graphing utility to find a linear model for the data. How does this model compare with the model obtained in part (a)? (c) Use the linear model to create a table of estimated values of Compare the estimated values with the actual data. (d) Use the linear model to predict the average room rate in 2002. The actual average room rate in 2002 was $83.54. How does this value compare with your prediction? (e) Use the linear model to predict when the average room rate will be $100.00. Using your result from part (d), do you think this prediction is accurate?