Answer:
[tex]S=0.364t+2[/tex]
The predicted sales are 7.46 billion dollars
Step-by-step explanation:
Function Modeling
We are given two points that represent the Online jewelry sales. The two points are ( 2003 , 2 ) and ( 2013 , 5.64 ). The second coordinate is expressed in billion dollars. To better represent the function, let's count the time not in absolute years, but in years after 2003. The points now are ( 0 , 2 ) and ( 10 , 5.64 ).
The function to represent the sales (S) will be a line, which general equation is
[tex]\displaystyle S-S_o=\frac{S_1-S_0}{t_1-t_o}(t-t_o)[/tex]
Plugging in the points
[tex]\displaystyle S-2=\frac{5.64-2}{10-0}(t-0)[/tex]
Operating and rearranging
[tex]S=0.364t+2[/tex]
Now we use the model to predict the online sales for 2015, or t=15
[tex]S=0.364(15)+2=7.46[/tex]
The predicted sales are 7.46 billion dollars
