1.An agent for a residential real estate company in a suburb located outside of Washington DC, has the business objective of developing more accurate estimates of the monthly rental cost for apartments. Toward that goal, the agent would like to use the size of an apartment, as defined by square footage to predict the monthly rental cost. The agent selects a sample of 40 one bedroom apartments and collects and stores the data in RentSilverSpring.xls

a.Construct a scatter plot

b.Determine the regression coefficient bo and b1

c.Interpret the meaning of bo and b1 in this problem

d.Predict the mean monthly rent for an apartment that has 800 square feet.

e.Determine the coefficient of determination and interpret the result15 marks