Florida reappraises real estate every year, so the county appraiser\'s Web site
ID: 3061170 • Letter: F
Question
Florida reappraises real estate every year, so the county appraiser's Web site lists the current "fair market value" of each piece of property. Property usually sells for somewhat more than the appraised market value. Here are the appraised market values and actual selling prices (in thousands of dollars) of condominium units sold in a beachfront building in a 93-month period between 2003 and 2010 Selling Appraised price value Month Selling Appraised price valueMonth Selling Appralsed price Month Selling Appraised price Month 825 626 1325 1032 19 70 70 715 1510 1241 1375 560 496 1050 54 59 1100 1164 1425 1865 1190 1450 813 953 922 790 1900 1600 1016 1040 26 64 64 64 774 470 545 675 693 610 93 Here is the software output for the regression analysis Predictor Coef SE Coef Constant Appraisal 1.2699 0.1938 6.55 0.000 S 235.410 R-Sq 62.3% R-Sq (adj ) = 60.8% 86.0 156.8 0.55 0.588 The least squares regression equation is Predicted Selling Price = (Appraised Value)Explanation / Answer
Ans:
Given that
From output table:
y-intercept,a=86.0
slope,b=1.2699
Regression equation:
Perdicted selling price=a+b*Appraised value
Perdicted selling price=86.0+1.2699*Appraised value
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.