The owner of Maumee FordMercuryVolvo wants to study the rela

The owner of Maumee Ford-Mercury-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.

Determine the regression equation. Use the rounded slope value to compute the y-intercept. (Round your answers to 3 decimal places. Negative amounts should be indicated by a minus sign.)

Estimate the selling price of a 11-year-old car (in $000). (Round your answer to 3 decimal places.)

Interpret the regression equation (in $000). (Round your answer to 3 decimal places.)

Solution