age	price
2	15900
5	10988
2	16980
5	10995
4	11995
5	10995
1	20365
2	16463
6	10824
1	19995
1	18650
4	10488

Open Camaro Practice Data in Minitab:

This data set represents the price of a random sample of Chevrolet Camaros, by age.

Use this data set to answer the following questions:

1. Find the mean, median and standard deviation for the variable price.
2. Create a scatter diagram using price as the dependent variable and age as the independent variable. Describe the relationship between price and age.
3. Calculate the correlation coefficient between car price and age.
4. Find the equation of the least-squares regression line.
5. Interpret the slope of the least-squares regression line for this model.
6. Interpret the intercept of the least-squares regression line for this model.
7. Predict the price of a Camaro that is 3 years old.
8. Find the residual for the first observation: A 2-year-old Camaro that costs $15,900 (2,15900).
9. Predict the price of a Camaro that is 8 years old.
10. Change age to days (consider the year = 365 days). Recalculate the correlation coefficient between car price and age (in days).
11. What percent of the variation in price is explained by the age of the car in years?