Reference no: EM132847613

Use the following information to answer the next question

The numbers of insured commercial banks y (in thousands) in the united states for the years 1987 to 1996 are shown in the table below: (Source: Federal Deposit Insurance Corporation)

a) What regression model would fit this data (linear, quadratic, cubic)? Explain.

b) Use technology to determine the regression equation for this data. Round your values to the nearest thousandth.

c) What is the independent variable in this problem? What is the dependent variable? Explain.

d) Use your regression equation to predict the number of insured commercial banks in the US in the year 2015.

e) Was the process you used in question (d) above considered Interpolation or extrapolation? Explain.

f) Use your regression equation to predict the calendar year in which you would expect there to be 5000 insured commercial banks.