Airfare prices: Suppose that we want to examine the relationship between distance (in miles) and the cost of round-trip airfare from LAX (Los Angeles International Airport). We collect data from a travel search engine. The linear regression equation is

Predicted round-trip airfare=146.2+0.1442 (distance)

The standard error of the regression s_e is $117. Which of the following is an appropriate interpretation of s_e?

1. On average, we estimate that our predictions using this linear regression model will be off by approximately $117.
2. The error for any prediction using this linear regression model will be approximately $117.
3. The typical error between the predicted round-trip airfare and the actual round-trip airfare using this linear regression model will be approximately $117
4. On average, we estimate that our predictions using this linear regression model will be off by approximately $117.