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

Algebra
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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.)

 0

 22030

 1

 19286

 2

 17040

 3

 15557

 4

 14200

 5

 12564

 6

 10896

 7

 9885

 8

 9030

 9

 8524

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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Apr 29th, 2015
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Apr 29th, 2015
May 25th, 2017
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