Question

The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car...

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.)

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

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

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