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Classified ads in the local paper offered several used cars of a particular model for sale. The used cars age is measured in years and
Classified ads in the local paper offered several used cars of a particular model for sale. The used cars age is measured in years and the advertised selling prices in dollars. Simple linear regression results: Dependent Variable: ad price Independent Variable: age Price_Advertised_($) = 12288.813 - 921.27273 Age_(yr) Sample size: **** R (correlation coefficient) = ****** R-sq = 0.89346768 Estimate of error standard deviation: 1218.3026 Parameter estimates: Parameter Estimate Std. Err. Alternative DF T-Stat P-value Intercept 12288.813 574.62041 0 15 21.385966 <0.001 Slope -921.27273 82.137948 0 15 ******* <0.001 Analysis of variance table for regression model: Source DF SS MS F-stat P-value Model 1 1.8672356e8 1.8672356e8 125.80234 ******* Error 15 22263920 1484261.3 Total 16 2.0898748e8 Suppose the actual selling price of a 7 year old car is $6000, what's the value of the residual? Report your answer to 3 decimal places
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