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The regression equation that best models the United States postage stamp data is a linear regression equation. If we assume that the cost ,yy, of
The regression equation that best models the United States postage stamp data is a linear regression equation. If we assume that the cost ,yy, of postage stamps will continue to rise at the same rate as the past forty years, we can use the regression equation,y=0.913x1791.045y=0.913x1791.045, to determine the approximate year x when a United States stamp will cost $1.00. In which year will this occur? (Hint change $1.00 into cents)
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