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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