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Question 23 (4 points) Use the information below to answer the following question. Cape May Realty manages rental beach properties during the summer season for property owners. They would like to determine if a relationship exists between the square footage of beach property and the weekly rental rates during the summer season. Simple regression analysis was performed using a random sample of beach properties with the results shown below. SUMMARY OUTPUT Regression Statistics Multiple R 0.4738 R Square 0.2245 Adjusted R Square 0.1599 Standard Error 298.0757 Observations 14 ANOVA of SS MS F Significance F Regression 1 308653.62 308653.62 3.47 0.0870 Residual 12 1066189.23 88849.10 Total 13 1374842.86 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept 817.0948 859.6186 2.2721 0.0423 33.553 1600.636 Square Feet 0.3280 0.1760 1.8638 0.0870 0.055 0.711 According to these regression results, the average weekly rental for a property that is 2,000 square feet is 1) $1,219 O 2) $1,473 ( 3) $1,598 ( 4) $1,750