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Agelic Piano Pte Ltd wants to study the relationship between the age of a piano (X) and its selling price (Y). Listed below is a
Agelic Piano Pte Ltd wants to study the relationship between the age of a piano (X) and its selling price (Y). Listed below is a random sample of 5 used piano sold by the companies recently:
No. | Agein Years(X) | SellingPricein $000(Y) |
1 | 9 | 8.1 |
2 | 7 | 6.0 |
3 | 11 | 3.6 |
4 | 12 | 4.0 |
5 | 8 | 5.0 |
a) Determine the linear regression equation.
b)
i. If a piano is TEN (10) years old, how much is the selling price?
ii. If a piano is TWO (2) years old, how much is the selling price?
c)
i. Determine the correlation coefficient
ii. Interpret the result.
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