Use the model from Exercise to interpolate a prediction of the hourly wage in 2002. The ac...

Use the model from Exercise to interpolate a prediction of the hourly wage in 2002. The actual value was $14.97. How close was your prediction?

Exercise

Business The following table gives the average hourly earnings (in dollars) of U.S. production workers from 1970 to 2010. (Data from: U.S. Bureau of Labor Statistics.)

If you have appropriate technology, verify that the least-squares regression line that models these data (with coefficients rounded) is y = .343x - 20.65 , where y is the average hourly wage in year x and x = 0 corresponds to 1900.