If is the equation of the straight line trend for the following data:
Year 2017 2018 2019 2020 2021 2022 2023 Profit (Rs. '000) 14 30 26 44 38 56 64
The trend value for the year 2021 by least square method is:
If is the equation of the straight line trend for the following data:
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|
| Profit (Rs. '000) | 14 | 30 | 26 | 44 | 38 | 56 | 64 |
The trend value for the year 2021 by least square method is:
Solution
✅ Correct Option: 2
The trend line equation is where represents the year.
To find the trend value for year 2021, substitute into the equation.
Therefore, the trend value for the year 2021 is (Rs. '000).