The commercial division of a real estate firm is conducting a regression analysis of the relationship between X , annual gross rents (in thousands of dollars), and y , selling price (in thousands of dollars) for apartment buildings. Data were collected on several properties recently sold and the following computer output was obtained.   The regression equation is Y=20.2+7.25X Predictor Coef SE Coef T Constant 20.000 3.2213 6.21 X       Analysis of Variance SOURCE DF SS   Regression 1 41,587.4   Residual Error 7     Total 8 51,984.2   e. Predict the selling price of an apartment building with gross annual rents $60,000 of (to 1 decimal).$  thousands.

Question

The commercial division of a real estate firm is conducting a regression analysis of the relationship between X , annual gross rents (in thousands of dollars), and y , selling price (in thousands of dollars) for apartment buildings. Data were collected on several properties recently sold and the following computer output was obtained.

 The regression equation is Y=20.2+7.25X
Predictor Coef SE Coef T
Constant 20.000 3.2213 6.21
X
Analysis of Variance
SOURCE DF SS
Regression 1 41,587.4
Residual Error 7
Total 8 51,984.2

e. Predict the selling price of an apartment building with gross annual rents $60,000 of (to 1 decimal).$  thousands.