The following data represent the asking price and age of a Chevrolet Impala SS.

Age ……………………………. Asking Price

1 …………………………………… 23,195

1 …………………………………… $27,417

2 …………………………………… 26,750

2 …………………………………… 22,995

3 …………………………………… 17,999

4 …………………………………… 16,995

4 …………………………………… 16,490

(a) Using a graphing utility, draw a scatter diagram of the data using age, x, as the independent variable and asking price, y, as the dependent variable.

(b) Based on the scatter diagram drawn in part (a), decide on a model (linear, quadratic, cubic, exponential, logarithmic, or logistic) that you think best describes the relation between age and asking price. Be sure to justify your choice of model.

(c) Using a graphing utility, find the model of best fit.

(d) Using a graphing utility, draw the model of best fit on the scatter diagram drawn in part (a).

(e) Use your model to predict the asking price of a Chevrolet Impala SS that is 5 years old.