Finance According to the U.S. Department of Education, the average financial aid award (in dollars) for a full-time student is given in the following table for various years:
Year | 1995 | 2000 | 2003 | 2004 | 2005 | 2006 | 2007 |
Amount | 2,596 | 2,925 | 3,208 | 3,324 | 3,407 | 3,458 | 3,629 |
(a) Let x = 5 correspond lo 1995, and find the least- squares regression line for the data.
(b) What is the correlation coefficient? Does it indicate that the line is a good fit?
(c) Assuming the trend continues, estimate the average financial aid award for a student in 2011.
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