Concept explainers
To calculate: The estimate of the value of the automobile if its age was 2 years.
Answer to Problem 10WE
The estimate of the value of the automobile if its age was 2 yearswas
Explanation of Solution
Given information:
For a total of 50 automobilesthe
Formula used:
The correlation coefficient r is denoted as
The regression line that relates x and y , contains the point
Calculation:
Consider the provided information that for a total of 50 automobiles the correlation coefficient between their values and ages is
Let y denote the value and x denote the age.
Here,
Next, recall that the regression line that relates x and y , contains the point
Since, age of automobile is 2 yearsso
Substitute the provided values in the expression provided above,
Therefore, approximately the value of
Thus, the estimate of the value of the automobile if its age was 2 years was
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Algebra and Trigonometry: Structure and Method, Book 2
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