A statistics student is studying if there is a relationship between the price of a used car and the number of miles it had been driven. She collects data for 20 cars of the same model with different mileage and determines each car’s price using a used car website. The analysis is given in the computer output.
Predictor Coef SE Coef t-ratio p
Constant 24157.2 2164.1 2.965 0.046
Mileage -0.181 0.024 5.377 0.000
S = 3860.7 R-Sq = 68.0% R-Sq(Adj) = 67.5%
Using the computer output, what is the predicted price for a car with 10,000 miles on the odometer?
$22,347.20
$23,917.20
$24,157.20
$25,967.20
Answers: 1
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