Mathematics, 19.08.2020 01:01 caleb19moody
The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car and its selling price. Listed below is a random sample of 12 used cars sold at the dealership during the last year.
Car Age (years) Selling Price ($000)
1 9 11.1
2 5 9.5
3 13 4.4
4 17 4.4
5 7 8.0 6
6 12.0 7
7 10.6
8 14 8.1
9 12 8.1
10 17 4.8
11 4 12.5
12 4 10.7
a. Determine the regression equation. Use the rounded slope value to compute the y-intercept. (Round your answers to 3 decimal places. Negative amounts should be indicated by a minus sign.)
a = ___
b = ___
b. Estimate the selling price (in dollars) of a 7-year-old car. (Round your answer to the nearest dollar amount. Omit the "$" sign in your response.)
$
c. Interpret the regression equation (in dollars). (Round your answer to the nearest dollar amount. Omit the "$" sign in your response.)
For each additional year, the car decreases $ ___ in value.
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Answers: 3
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The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car and its sell...
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