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Handout: Life cycle Hypoth Khoule l Algebra and Trigonometry Business an MAT115) The following table shows the Median Income Poftradivu.N ferent age groups within the United States for2001. For each age group, let the class mldpoint represen uhelndependent variable, x. For the age group "65 years and older" we wan assume that the class mldpolntis 69.5. 2001 Age Class Midpoint,X Median Income, $9,301 15-24 $30.310 25-34 35-14 40 41,104 45-54 $35,637 55-64 65 and older 69.5 $19,688 Source US Gensus Bureau (2009, February3)Amercan communrysrey Retiewe February 11. 2009, fon http/wwwoensusgovacs/wwwindexhtml 1. Find the class midpoint for each class age. 2. Draw a scatter diagram of the data with input as class midpoint and output as median 3. Is the relation between the two variables a function? If yes, what type of function is ftand what is its domain? 4. Use a graphing utility or Excel to find the function of best fit. 5. Use this function to determine the age at which an individual can expect to earn the most income. 6. Use the function to predict the peak income earned. 7. Graph the quadratic function of best fit and compare it to the scatter diagram in 2. MacBook Air
Show transcribed image textHandout: Life cycle Hypoth Khoule l Algebra and Trigonometry Business an MAT115) The following table shows the Median Income Poftradivu.N ferent age groups within the United States for2001. For each age group, let the class mldpoint represen uhelndependent variable, x. For the age group "65 years and older" we wan assume that the class mldpolntis 69.5. 2001 Age Class Midpoint,X Median Income, $9,301 15-24 $30.310 25-34 35-14 40 41,104 45-54 $35,637 55-64 65 and older 69.5 $19,688 Source US Gensus Bureau (2009, February3)Amercan communrysrey Retiewe February 11. 2009, fon http/wwwoensusgovacs/wwwindexhtml 1. Find the class midpoint for each class age. 2. Draw a scatter diagram of the data with input as class midpoint and output as median 3. Is the relation between the two variables a function? If yes, what type of function is ftand what is its domain? 4. Use a graphing utility or Excel to find the function of best fit. 5. Use this function to determine the age at which an individual can expect to earn the most income. 6. Use the function to predict the peak income earned. 7. Graph the quadratic function of best fit and compare it to the scatter diagram in 2. MacBook Air
