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StatisticsQ&A LibraryAn auto manufacturing company wanted to investigate how the price of one of its car models depreciates with ages. The research department at the company took a sample of 8 cars of this model and collected information on the ages (in years) and prices (in hundreds of dollars). Age83692563Price18945021145423699Use the 2 points (3,99) and (8,18) to calculate a line of fit. Enter the value of the slope, using the exact value. Enter the value of the y intercept, using the exact value.Question

Asked Nov 8, 2019

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An auto manufacturing company wanted to investigate how the price of one of its car models depreciates with ages. The research department at the company took a sample of 8 cars of this model and collected information on the ages (in years) and prices (in hundreds of dollars).

Age | 8 | 3 | 6 | 9 | 2 | 5 | 6 | 3 |

Price | 18 | 94 | 50 | 21 | 145 | 42 | 36 | 99 |

Use the 2 points (3,99) and (8,18) to calculate a line of fit.

Enter the value of the slope, using the exact value.

Enter the value of the y intercept, using the exact value.

Step 1

**Excel Procedure for Regression:**

- Enter the data for Age as (3 & 8) and Price (99 &18) in Excel sheet.
- Go to
**Data** - Click on
**Data Analysis**. - Select
**‘Regression’**and click on ‘OK’ - Select the column of
**Price**under ‘Input Y Range’. - Sel...

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