1)Nassau County is located approximately 25 miles east of New York City. The data organized and stored in "Glen_Cove.xlsx" file include the fair market value (in $thousands), land area of the property in acres, and age, in years for a sample of 30 single-family homes located in Glen Cove, a small city in Nassau County. Develop a multiple linear regression model to predict the fair market value based on land area of the property (in acres) and age, in years.

(a)State the multiple regression equation.

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(b)Interpret the meaning of b₁ and b₂, in this problem.

Significance/Meaning of b₁: ____________________________________________________

Significance/Meaning of b₂: ____________________________________________________

(c)What is the significance of b₀?

Significance/Meaning of b₀: ____________________________________________________

(d)Predict the mean fair market value for a house that has a land area of 0.25 acre and is 55 years old.

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(e)Calculate the residual for Address "1 Raynham Road". Based on the value of residual, what can we conclude? Does our regression model overestimate or underestimate the wine quality?

Residual: _______________

Conclusion: _________________________________________________________________