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15 Nov 2021
Problem 4
Page 669
Section: PRACTICE
Chapter 12: LINEAR REGRESSION AND CORRELATION
Textbook ExpertVerified Tutor
15 Nov 2021
Given information
Given that, a credit card company charges $10 when a payment is late, and $5 a day each day the payment remains unpaid.
We have to find the equation that expresses the total fee in terms of the number of days the payment is late.
Step-by-step explanation
Step 1.
The linear equation is given by where
is the y-intercept and
is the slope,
is the independent variable which is time and
is the dependent variable which is fee amount.
Hence the equation that expresses the total fee in terms of the number of days the payment is late is given by,
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Introductory Statistics
OER Edition, 2013
Openstax
ISBN: 9781938168208
Solutions
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