Unit 2 Project Building Models
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Name:________________________________
MTH 154
Date:_________________________________
Unit 2: Building Models Project
Use the internet to locate the original MSRP or price of a certain car for the years listed below. Be sure to say the Make & Model. Make sure that you’re finding the NEW price not the used price. Also make sure you’re using the same model. For example if you choose a Chevy Cruze LTZ make sure all the prices you get are for an LTZ.
Car Make & Model:_______________________________________________________
Year
2008
2010
2012
2014
2016
2018
2020
2022
MSRP
$38,085.00
$ 40,635.00
*This table MUST be included in your project. 1.
Using excel Construct a Scatter Diagram
a.
Find the correlation coefficients(Linear, Quadratic, Exponential).
b.
Fit the data to a linear model, quadratic model, and exponential/logarithmic model, by adding in a trendline and finding the equation ^
y
.
c.
Identify which model fits the data the best and why. 2.
Using the model selected in part 1 find the predicted price of the vehicle in the year 2024. Is this an acceptable price? Is it an example of extrapolation or interpolation?
3.
Using the model selected in part 1 find the predicted price of the vehicle in the year 2007. Is this an acceptable price? Is it an example of extrapolation or interpolation?
4.
How does the 2024 price compare to the price in 2007?Use your percent change formula from Unit 1 to help. 5.
If you decided to purchase this car in 2007 and took out a loan at 3.25% interest how much would the car cost you monthly, and total purchase price. Assume you take out a 5 year loan.
6.
If you decided to purchase this car in 2024 and took out a loan at 3.25% interest how much would the car cost, you monthly? Assume you take out a 5 year loan. 7.
What is the difference in what you’d have paid from the 2007 to the 2024 models? Use your percent
change formula from Unit 1.
Be sure to submit your final project as a word document. All questions must be answered. Do not just type the answers into this document. The final draft should be a business type proposal. This is just an outline of what is required.
NOTE: Up to 10 points may be deducted for messy, unorganized work or for failing to show work or justify answers. Be sure to site where you pulled your data from. Year
MSRP
2008
$ 38,085.00 2010
$ 40,635.00 2012
$ 42,220.00 2014
$ 47,940.00 2016
$ 49,700.00 2018
$ 51,710.00 2020
$ 52,400.00 2022
$ 54,700.00 Linear
2006
2008
2010
2012
2014
2016
2018
2020
2022
2024
$- $10,000.00 $20,000.00 $30,000.00 $40,000.00 $50,000.00 $60,000.00 f(x) = 1222.38 x − 2415923.87
R² = 0.96
MSRP
Exponential
2006
2008
2010
2012
2014
2016
2018
2020
2022
2024
$- $10,000.00 $20,000.00 $30,000.00 $40,000.00 $50,000.00 $60,000.00 f(x) = 0 exp( 0.03 x )
R² = 0.95
MSRP
Quadratic
2006
2008
2010
2012
2014
2016
2018
2020
2022
2024
$- $10,000.00 $20,000.00 $30,000.00 $40,000.00 $50,000.00 $60,000.00 f(x) = − 40.86 x² + 165900.65 x − 168328426.6
R² = 0.98
MSRP
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