Refer to Example 11. Use the model to predict the home ownership rate in the United States in 2030 (to the nearest tenth of a percent).

Data from Example 11

The U.S. Census Bureau published the data in Table 1 on home ownership rates. Let x represent time in years with x = 0 representing 1900. Use logarithmic regression to find the best model of the form y = a + b ln x for the home ownership rate y as a function of time x. Use the model to predict the home ownership rate in the United States in 2025 (to the nearest tenth of a percent).

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Table 1 Home Ownership Rates Rate(%) 55.0 61.9 62.9 64.4 64.2 67.4 66.9 Year 1950 1960 1970 1980 1990 2000 2010