2 3.00 points Volvo wants to study the relationship between the age of a car and

Question

2 3.00 points Volvo wants to study the relationship between the age of a car and its seling price. Listed below is a random sample of 12 used cars sold at the dealership during the last yoar 11.0 9.0 3.0 3.0 5.0 11.6 9.6 7.0 7.0 4.8 10.6 8.6 10 12 your answers to 3 decimal places. Negative amounts should be indicated by a minus sign.) b. Estimate the selling price (in dollars) of a 6-year-old car. (Round your answer to the nearest dollar amount. Omit the "$" sign in your response.) (in dollars). (Round your answer to the nearest dollar amount. Omit in value

Explanation / Answer

Install analysis tool pack in excel and then

Got to data>data analysis>Regression

Selling price=12.465-0.427*age is the regression eq

ANSWERS ARE:

a=12.465

b=-0.427

Solutionb:

From regression eq we have

Selling price=12.465-0.427*age

age=6

selling price=12.465-0.427*6

=9.903

Selling price=10

ANSWER:10(ROUNDING TO NEARST INTEGER)

Solutionc:

From reg eq

Selling price=12.465-0.427*age

For each asditional year price decreases by 0.427

SUMMARY OUTPUT Regression Statistics Multiple R 0.739611 R Square 0.547024 Adjusted R Square 0.501726 Standard Error 2.13975 Observations 12 ANOVA df SS MS F Significance F Regression 1 55.29136 55.29136 12.07622 0.00597 Residual 10 45.78531 4.578531 Total 11 101.0767 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept 12.46547 1.552274 8.030461 1.14E-05 9.006793 15.92416 AGE -0.42724 0.122942 -3.47509 0.00597 -0.70117 -0.1533

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