(Inflation) The following table gives the average price of a pound of Red Delicious apples in January of the given years. (Source: U.S. Bureau of Labor Statistics, Consumer Price Index.)
(a) Use the method of least squares to obtain the straight line that best fits these data.
Year
Price
1995
$0.77
1999
$0.86
2002
$0.88
2005
$0.97
(b) Estimate the average price of a pound of Red Delicious apples in January 2000.
(c) If this trend continues, when will the average price of a pound of Red Delicious apples be $1.05?
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