Kindly answer LETTER F only If required, round your answer to two decimal places.53.86(e) For the model estimated in part (b), calculate the predicted price and residual for each automobile in the data. Identify the two automobiles that were the biggest bargains.If required, round your answer to the nearest whole number.The best bargain is the Camry #in the data set, which hasThe second best bargain is the Camry #12428,000in the data set, which hasmiles, and sells for $47,000miles, and sells for $2,326less than its predicted price.2211 less than its predicted price.(f) Suppose that you are considering purchasing a previously owned Camry that has been driven 30,000 miles. Use the estimated regression equation developed in part (b) to predict the price for thiscar.If required, round your answer to one decimal place. Do not round intermediate calculations. Enter your answer in dollars. For example, 12 thousand should be entered as 12,000.Predicted price: $Is this the price you would offer the seller? Explain.(i) Regardless of other factors not considered in the model (various options, the physical condition of the body and interior, etc.), this is not a reasonable price to expect to pay for a Camry thathas been driven 30,000 miles miles.(ii) Depending on other factors not considered in the model (various options, the physical condition of the body and interior, etc.), this is a reasonable price to expect to pay for a Camry that hasbeen driven 30,000 miles miles.Option (ii) What does the scatter chart indicate about the relationship between price and miles?The scatter chart indicates there may be a negativenegativelinear relationship between miles and price. Since a Camry with higher miles will generally sell for a lower price, arelationship is expected between these two variables. This scatter chart isconsistent with what is expected.(b) Develop an estimated regression equation showing how price is related to miles. What is the estimated regression model?Let x represent the miles.If required, round your answers to four decimal places. For subtractive or negative numbers use a minus sign even if there is a + sign before the blank. (Example: -300)S₂ŷ16.4698-0.0588(c) Test whether each of the regression parameters Bo and B₁ is equal to zero at a 0.01 level of significance. What are the correct interpretations of the estimated regression parameters? Are theseinterpretations reasonable?(i) We can conclude that both Bo and B₁ are equal to zero, where Bo is the estimated change in price in thousands of dollars for a increase of 1,000 miles and 3₁ is the estimated price inthousands of dollars when the number of miles is zero. The interpretation of Bo is not reasonable but the interpretation of B₁ is reasonable.(ii) We cannot conclude that neither Bo nor B₁ are equal to zero, where Bo is the estimated price in thousands of dollars when the number of miles is zero and B₁ is the estimated change in pricein thousands of dollars for a increase of 1,000 miles. The interpretation of Bo is reasonable but the interpretation of B₁ is not reasonable.(iii) We can conclude that neither Bo nor B₁ are equal to zero, where Bo is the estimated price in thousands of dollars when the number of miles is zero and B₁ is the estimated change in price inthousands of dollars for a increase of 1,000 miles. The interpretation of Bo is not reasonable but the interpretation of B₁ is reasonable.(iv) We can conclude that Bo = 0 but B₁ * 0, where Bo is the estimated change in price in thousands of dollars for a increase of 1,000 miles and B₁ is the estimated price in thousands of dollarswhen the number of miles is zero. Both interpretations are reasonable.Option (iii)(d) How much of the variation in the sample values of price does the model estimated in part (b) explain?If required, round your answer to two decimal places.53.86

It is given that The regression equation is y y^ = 16.4698 - 0.0588x

(f) Suppose that you are considering purchasing a previously owned Camry that has been driven 30,000 miles. Use the estimated regression equation developed in part (b) to predict the pric car. If required, round your answer to one decimal place. Do not round intermediate calculations. Enter your answer in dollars. For example, 12 thousand should be entered as 12,000. Predicted price: $ Is this the price you would offer the seller? Explain. (i) Regardless of other factors not considered in the model (various options, the physical condition of the body and interior, etc.), this is not a reasonable price to expect to pay for a Cam has been driven 30,000 miles miles. (ii) Depending on other factors not considered in the model (various options, the physical condition of the body and interior, etc.), this is a reasonable price to expect to pay for a Camry th been driven 30,000 miles miles. Option (ii)