(Solution) - The University of Michigan offers a 500 000 life insurance policy -(2025 Original AI-Free Solution)

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The University of Michigan offers a $500,000 life insurance policy. Monthly rates for nonsmoking faculty are shown in Table 55 for various ages.

Let y be the monthly rate (in dollars) for a nonsmoking faculty member at x years of age.
a. Find the exponential regression equation.
b. The equation of the exponential curve that contains the data points (42, 26.00) and (67, 326.60) is = 0.37(1.1065)x Graph the equation and the regression equation on the same scatterplot of the data. Describe how well each curve fits the data points.
c. Find the sum of the squared residuals for the model = 0.37(1.1065)x
d. Find the sum of the squared residuals for the exponential regression model.
e. Compare your results in parts (c) and (d) and explain why your comparison is not surprising.