6.2.5 Curve Fitting with Polynomial Models (continued) Example 3 Finance Application
Often, real-world data can be too irregular to use finite differences or find a polynomial function that fits perfectly. In these situations, create a scatter plot of the data and choose a polynomial function based on the general shape of the data in the graph. Then, use the regression feature on a graphing calculator to create the function. Compare the R 2 -values for different types of polynomial functions to determine which is the best model for the data. The closer the R 2 -value is to 1, the better the function fits the data.
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