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				10				11.7
	2				7				10.7
	3				12				5.1
	4				13				4.8
	5				8				8.0
	6				8				13.1
	7				8				10.2
	8				12				9.6
	9				11				9.6
	10				13				3.7
	11				6				11.5
	12				6				10.2

  Click here for the Excel Data File

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

2. Estimate the selling price of an 6-year-old car (in $000). (Round your answer to 3 decimal places.)

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

Answer 1