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Question
The data below gives the mean annual cost for tuition and fees at private four-year colleges in the United States since 1980. It is clear that the cost of education is going up.Mean Cost of Tuition and Fees for Private Colleges
| Year | Private Ed $ |
| 1980 | $3,617 |
| 1981 | $4,113 |
| 1982 | $4,639 |
| 1983 | $5,093 |
| 1984 | $5,556 |
| 1985 | $6,121 |
| 1986 | $6,658 |
| 1987 | $7,116 |
| 1988 | $7,722 |
| 1989 | $8,446 |
| 1990 | $9,340 |
| 1991 | $10,017 |
| 1992 | $10,449 |
| 1993 | $11,007 |
| 1994 | $11,709 |
A) Using Linear Regression techniques, find the linear equation that is the best fit to this data. Find the annual costs, C, at private four-year colleges in the United States as a function of the number of years after 1980, y.
B) If costs continue to rise at the same rate, what would be the approximate cost in year 2010?
Round values to 2 decimal places, if necessary.
Answer
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