You would like to forecast next years median annual household income in Nowhere, CO. (Real...
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You would like to forecast next years median annual household income in Nowhere, CO. (Real City!!). Overall, based on the information provided in the table below, the median annual household income has been steadily increasing during the last four years, 2016-2019, so there is an upward trend in the data. Therefore, you decide that the regression technique is the most appropriate in forecasting the median annual household income in 2020.
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Year
Income ($1,000s)
2016
55
2017
59
2018
60
2019
63
/
Calculate the vertical intercept and the slope of the regression line and forecast the median annual income in Nowhere in 2020. Be sure your final answer is rounded to show two (2) decimal places and includes the negative sign, if necessary (positive sign is NOT required).
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