The following is the number of retirees receiving benefits from the State Teache

Question

The following is the number of retirees receiving benefits from the State Teachers Retirement System of Ohio from 1991 until 2012. Determine the least squares trend equation. Use a linear equation. (Round your answers to the nearest whole number.) Calculate the points for the years 2000 and 2010. Use the equation from part (b) with the coefficients as whole numbers (Round the intermediate values to the nearest whole number. Round your answers to the nearest whole number.) Estimate the number of retirees that will be receiving benefits in 2015. Use the equation from part (b) with the coefficients as whole numbers (Round the intermediate values to the nearest whole number. Round your answer to the nearest whole number.) By how much has the number of retirees increased or decreased (per year) on average during the period? (Round your answer to the nearest whole number.) The number of retirees is (Click to select) by an average of per year

Explanation / Answer

Here we have to find linear trend equation.

This we can done by using MINITAB.

steps :

ENter all the data in MINITAB sheet --> STAT --> Time Series --> Trend analysis --> Variable : service --> Model type : Linear --> ok

The linear trend equation is,

Yt = 53911.0 + 2836.04*t

where t is time in years.

And we have to find Yt when t = 2000 and t = 2015 then

Yt = 53911.0 + 2836.04*2000 = 5725991

Yt = 53911.0 + 2836.04*2015 =  5754351

Also we have to find Yt when t = 2015,

Yt = 53911.0 + 2836.04*2015 = 5768532

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