find the linear regression model of the plot of age of car and value

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a.      Find a linear regression model that best fits this data using Excel.  Write it in the form . (Round and  to two decimal places.)





















Apr 29th, 2015

From Excel, the linear regression model that best fits the data  (so, an equation that gives the value of the car, y, as a function of its age, x) is:

y = -1483.27x + 20,575.93

The slope of the line (-1483.27) is negative, indicating that value of the car decreases by $1483.27 for every 1 year increase in age. The y-intercept of the line is 20,575.93, which tells us that a new car (age of 0) is expected to have a value of $20,575.93.

You can find this equation by putting the data into Excel, then highlighting the two columns of data and inserting a scatterplot into the spreadsheet. In editing the scatterplot, you can select the option to insert a linear regression line with the equation on the plot - you will get a picture that looks like the attached document.

image (14).png  

Apr 29th, 2015

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