Question: How well does a car's age predict its resale value? Below is sample date for a particular make and model of vehicle, comparing its age
How well does a car's age predict its resale value? Below is sample date for a particular make and model of vehicle, comparing its age (in years) to its resale value. Based on the data , answer the questions below:
Age (years) | Price ($) |
2 | 17600 |
6 | 7400 |
9 | 800 |
2 | 13600 |
5 | 12800 |
11 | 7400 |
11 | 8400 |
3 | 11200 |
3 | 17200 |
7 | 15000 |
8 | 4600 |
5 | 6400 |
11 | 6400 |
4 | 15800 |
9 | 12200 |
8 | 8600 |
8 | 9600 |
2 | 15600 |
2 | 13600 |
10 | 3800 |
1) What is the value of the correlation coefficient? (CAREFUL:EXCEL'S REGRESSION FUNCTION WILL NOT LET YOU KNOW WHETHER OR NOT THIS VALUE IS NEGATIVE)(ANSWER TO 2 DECIMAL PLACES)
2) What is the value of the coefficient of determination?(ANSWER TO 2 DECIMAL PLACES)
3) State the estimated regression equation.(ANSWER ONLY THE VALUE AFTER THE EQUAL SIGN WITH VARIABLES TO 0 DECIMAL PLACES. FOR EXAMPLE IF THE EQUATION IS: y = 12,345.67x + 98,765.43...YOUR ANSWER IS: 12,346x + 98,765)
4) Predict the resale value of a vehicle that is 6 years old.(ANSWER TO 0 DECIMAL PLACES...INCLUDE UNITS WITH ANSWER)
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