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
Determine the regression equation. (Negative amounts should be indicated by a minus sign. Round your answers to 3 decimal places.)
Estimate the selling price of an 6-year-old car (in $000). (Round your answer to 3 decimal places.)
Interpret the regression equation (in dollars). (Round your answer to the nearest dollar amount.)
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