Question 2 (4 points)

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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 ($)
9	10200
6	7000
3	10200
3	17200
10	7800
7	8000
3	12200
5	15800
2	18600
5	17800
4	10200
6	7400
4	15800
9	4200
6	7400
5	11400
7	8000
11	4400
8	3200
2	19600

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 7 years old.(ANSWER TO 0 DECIMAL PLACES...INCLUDE UNITS WITH ANSWER)

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