Question

Age The folowing table gives the monthly premiums for an insurance policy on people of various ages Find an exponential function that models premium as a function of age. b. Find the quadratic function that is the best for the data Oruchochfunction with the data points to determine which model is the best Ape 35 49 45 Monthly Premium (5) 111 105 236 Full data Morty Premium 970 1550 3051 70 55 615 .. The exponential functional model dosisyo (Usagers or deals roured to the nearest thousandsreded for any numbers in the expression) b. The diction that made the datasy (Use regerse decimal rounded to the nearest thousandlas meded for any numbers in the expression Choose the corect prop of the data and real function below ОА ОС Choose the come graph of the date and below OA Co to your

please help

Answer 1

a)

Answer:

y = 3.2890.0972

Explanation:

Exponential regression model

The regression analysis is done in excel by following these steps,

Step 1: Write the data values in excel. The screenshot is shown below,

A B 1 x у 2 35 40 3 4 111 165 256 296 45 5 50

Step 2: Scatter plot: Select the data values then INSERT > Recommended Charts > Scatter XY. The screenshot is shown below,

CCC Ecco 5000 4000 3000 2000 1000 0 30 40 50 60 TO 80

Step 3: To add a Trend line, linear equation, and R-square value in the plot.

Click on Add Chart element> Trendline > More options>OK. The screenshot is shown below,

х LY 35 111 CHART ELEMENTS 7000 6000 5000 4000 3000 Axes Axis Titles Chart Title Data Labels Error Bars Gridlines Legend Trendline 2000 . 1000 60 70 80 Linear Exponential Linear Forecast Two Period Moving Average More Options...

Step 4: Select Trending Options: Exponential and select Display Equation on the chart, Display R-Squared value on the chart. The screenshot is shown below,

TRENDLINE OPTIONS O Exponential

Set Intercept 0.0 Display Equation on chart Display R-squared value on chart

The result is obtained. The screenshot is shown below,

Exponential model 7000 6000 5000 y=3.2888e0.0969% R2 = 0.9921 4000 3000 2000 1000 0 30 40 50 60 70 80

The regression equation is,

y = 3.2890.0972

b)

Answer:

$y=5.963x^2-540.808x+12146.633$

Explanation:

Quadratic regression model

The regression analysis is done in excel by following these steps,

Step 1: Write the data values in excel.

А B с 1 x у 2 35 In(y) 111 4.7095 165 5.1059 256 5.5452 3 40 4 45

Step 2: Scatter plot:

Step 3: To add a Trend line, linear equation, and R-square value in the plot.

Click on Add Chart element> Trendline > More options>OK. The screenshot is shown below,

Step 4: Select Trending Options: polynomial, Order: 2, and select Display Equation on the chart, Display R-Squared value on the chart.

The result is obtained. The screenshot is shown below,

Quadratic model 7000 6000 5000 4000 y = 5.9629x2 - 540.81x + 12147 R2 = 0.9439 3000 2000 1000 0 40 50 60 70 80 -1000 30

The regression equation is,

$y=5.963x^2-540.808x+12146.633$

c)

Exponential function: A

OA

Quadratic function: C

os .