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.

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