Question

The owner of Maumee Motors 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 Maumee Motors last year:

Car			Age (years)			Selling Price ($000)
	1			7			4.5
	2			8			7.7
	3			6			9.4
	4			2			7.2
	5			4			4.7
	6			11			4
	7			15			6.2
	8			14			7.7
	9			7			9.9
	10			10			6.6
	11			9			6.4
	12			11			7.6

Determine the standard error of estimate. (Round the final answer to 3 decimal places.)

Standard error of estimate           

Answer 1

The statistical software output for this problem is:

Hence,

Standard error of estimate = 1.915