A real estate analyst believes that the three main factors that influence anapartment's rent in a college town are the number of bedrooms, the number ofbathrooms, and the apartment's square footage. For 40 apartments, she collectsdata on the rent (y, in $), the number of bedrooms (x1), the number of bathrooms(x2), and its square footage (X3). The following table shows a portion of theregression results.ANOVASignificancedfSSMSFFgressionResidual35694717 189823950.884.99E-1336134317637310Total397037893StandardUpper95%CoefficientsErrort Statp-value_Lower 95%Intercept30084.03.570.0010130.03470.79Bed22660.33.750.0006103.45348.17Bath8955.91.590.1195-24.24202.77Sqft0.20.092.220.02760.0240.39What would be the rent for a 1000-square-foot apartment that has 2 bedrooms and2 bathrooms?$840$1,335$1,130$1,260

The following coefficient are given : Intercept(Bo) =300 Bed(B1) =226 Bath(B2)=89 Sqft(B3)=0. 2

Answered: What would be the rent for a…

What would be the rent for a 1000-square-foot apartment that has 2 bedrooms and 2 bathrooms? $840 $1,335 $1,130 O $1,260

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter6: Systems Of Linear Equations And Inequalities

Section6.1: Graphing Systems Of Equations

Problem 59PFA

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Question

A real estate analyst believes that the three main factors that influence an
apartment's rent in a college town are the number of bedrooms, the number of
bathrooms, and the apartment's square footage. For 40 apartments, she collects
data on the rent (y, in $), the number of bedrooms (x1), the number of bathrooms
(x2), and its square footage (X3). The following table shows a portion of the
regression results.
ANOVA
Significance
df
SS
MS
F
F
gression
Residual
3
5694717 1898239
50.88
4.99E-13
36
1343176
37310
Total
39
7037893
Standard
Upper
95%
Coefficients
Error
t Stat
p-value_Lower 95%
Intercept
300
84.0
3.57
0.0010
130.03
470.79
Bed
226
60.3
3.75
0.0006
103.45
348.17
Bath
89
55.9
1.59
0.1195
-24.24
202.77
Sqft
0.2
0.09
2.22
0.0276
0.024
0.39
What would be the rent for a 1000-square-foot apartment that has 2 bedrooms and
2 bathrooms?
$840
$1,335
$1,130
$1,260

Expert Solution

Step 1

The following coefficient are given :

Intercept(B_o) =300

Bed(B₁) =226

Bath(B₂)=89

Sqft(B₃)=0. 2

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