The commercial division of a real estate firm conducted a study to determine the extent of the relationship between annual gross rents ($1000s) and the selling price ($1000s) for apartment buildings. Data were collected on several properties sold, and Excel's Regression tool was used to develop an estimated regression equation. A portion of the regression output follows.

a. How many apartment buildings were in the sample?
b. Write the estimated regression equation.
c. Use the t test to determine whether the selling price is related to annual gross rents. Use α = .05.
d. Use the F test to determine whether the selling price is related to annual gross rents. Use α = .05.
e. Predict the selling price of an apartment building with gross annual rents of $50,000.

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ANOVA df MS F Regression Residual Total 41587.3 51984 1 Intercept Annual Gross Rents Coefficients 20.000 7.210 Standard ErrortStat 6.21 % 5.29 3.2213 1.3626