The owner of Maumee Ford-Mercury-Volvo wants to study the relationship between the age of a car and its selling price. Listed below is a random sample of 12 used cars sold at the dealership during the last year. Car Age (years) Selling Price ($000) Car Age (years) Selling Price ($000) 1 10 11.7 7 8 10.2 2 7 10.7 8 12 9.6 3 12 5.1 9 11 9.6 4 13 4.8 10 13 3.7 5 8 8.0 11 6 11.5 6 8 13.1 12 6 10.2 (a) Determine the regression equation. (Round your answers to 3 decimal places. Negative values should be indicated by a minus sign.) a = b = (b) Estimate the selling price of a 6-year-old car (in $000). (Round your answer to 3 decimal places.) Selling price (c) Interpret the regression equation (in dollars). (Round your answer to nearest dollar amount.) For each additional year, the car decreases $ in value.

The owner of Maumee Ford-Mercury-Volvo wants to study the relationship between the age of a car and its selling price. Listed below is a random sample of 12 used cars sold at the dealership during the last year. Car Age (years) Selling Price ($000) Car Age (years) Selling Price ($000) 1 10 11.7 7 8 10.2 2 7 10.7 8 12 9.6 3 12 5.1 9 11 9.6 4 13 4.8 10 13 3.7 5 8 8.0 11 6 11.5 6 8 13.1 12 6 10.2 (a) Determine the regression equation. (Round your answers to 3 decimal places. Negative values should be indicated by a minus sign.) a = b = (b) Estimate the selling price of a 6-year-old car (in $000). (Round your answer to 3 decimal places.) Selling price (c) Interpret the regression equation (in dollars). (Round your answer to nearest dollar amount.) For each additional year, the car decreases $ in value.

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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