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HELP!! and show steps please Scenario 1 Use the scenario described below to answer the following questions. A realty company in Phoenix, Arizona is interested
HELP!! and show steps please
Scenario 1 Use the scenario described below to answer the following questions. A realty company in Phoenix, Arizona is interested in analyzing how the square footage (Sqft), number of bedrooms (Bedrooms), number of bathrooms (Bathrooms), and the age (Age) of the house impacts a home's sales price in dollars (Price). They collected data on homes that have recently sold using Truilia.com and Zillow.com, and used it to obtain the following estimated regression equation: Price=97,500+101.12Sqft+6,789.20Bedrooms+5,406.98Bathrooms750.01Age Goodness-of-Fit Measures: R2=0.35, Standard Error =15267, Adjusted- R2=0.34 Use the estimated regression equation and goodness-of-fit measures above to answer the following questions. Assume all the independent/explanatory variables are significant at the 5% level. Suppose a new house comes on the market that happens to be 2600 square feet, has 3 bedrooms, 2.5 bathrooms, and is 10 years old. It quickly sells for $395,450.00. How far off was your prediction for the sales price using the estimated regression model above? Round your answer to the nearest dollar. Hint, use the negative sign to indicate an under prediction from the estimated regression model Step by Step Solution
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