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 1 2 3 4 5 6 7 8 9 10 11 12 8= Age (years) 12 b= 8 13 15 10 9 10 13 12 15 6 6 pictureClick here for the Excel Data File a. Determine the regression equation. (Negative amounts should be indicated by a minus sign. Round your answers to 3 decima places.) Selling Price ($000) 10.7 Selling price 8.8 3.0 2.7 6.0 12.1 9.0 7.8 7.8 4.7 10.8 8.9 b. Estimate the selling price of an 8-year-old car (in $000). (Round your answer to 3 decimal places.) c. Interpret the regression equation (in dollars). (Round your answer to the nearest dollar amount.) For each additional year, the car decreases in value.
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 1 2 3 4 5 6 7 8 9 10 11 12 8= Age (years) 12 b= 8 13 15 10 9 10 13 12 15 6 6 pictureClick here for the Excel Data File a. Determine the regression equation. (Negative amounts should be indicated by a minus sign. Round your answers to 3 decima places.) Selling Price ($000) 10.7 Selling price 8.8 3.0 2.7 6.0 12.1 9.0 7.8 7.8 4.7 10.8 8.9 b. Estimate the selling price of an 8-year-old car (in $000). (Round your answer to 3 decimal places.) c. Interpret the regression equation (in dollars). (Round your answer to the nearest dollar amount.) For each additional year, the car decreases in value.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter4: Equations Of Linear Functions
Section4.6: Regression And Median-fit Lines
Problem 6PPS
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Transcribed Image Text: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
1
2
3
4
5
6
7
8
9
10
11
12
Age
(years)
12
8
13
15
10
9
10
13
12
15
6
6
b=
pictureClick here for the Excel Data File
a. Determine the regression equation. (Negative amounts should be indicated by a minus sign. Round your answers to 3 decimal
places.)
Selling Price
($000)
10.7
8.8
3.0
2.7
6.0
12.1
9.0
7.8
7.8
4.7
10.8
8.9
b. Estimate the selling price of an 8-year-old car (in $000). (Round your answer to 3 decimal places.)
Selling price
c. Interpret the regression equation (in dollars). (Round your answer to the nearest dollar amount.)
For each additional year, the car decreases
www
in value.
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