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Regression was used to determine if a person's age at death predicts the mean cumulative expenditures in dollars per person for acute and long-term care.
Regression was used to determine if a person's age at death predicts the mean cumulative expenditures in dollars per person for acute and long-term care. The results are in the table, Intercept Coefficients, -535252.714, Standard Error 33588.300, t Stat -15.936, and P-value .0001. Age of death with Coefficients, 8723.174, Standard Error 403.261, t Stat -21.632, and P-value .0001. Write the prediction equation based on this output. (2 points) Interpret the slope. (2 points) Interpret the intercept. (2 points) What is the predicted value for expenditures for someone who died at age 85? Describe how you found this value. (4 points)
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