Question

The owner of Maumee Ford-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)
	1				9				12.0
	2				8				10.9
	3				10				4.6
	4				12				4.3
	5				9				5.6
	6				8				13.5
	7				9				8.9
	8				11				9.7
	9				10				9.7
	10				12				2.7
	11				6				10.6
	12				6				8.9

Determine the regression equation. (Negative values should be indicated by a minus sign. Round your answers to 3 decimal places.)

1. Estimate the selling price of an 12-year-old car (in $000). (Round your answer to 3 decimal places.)

2. Interpret the regression equation (in dollars). (Round your answer to the nearest dollar amount.)

Answer 1

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