The College of Business at Northeast College is accumulating data as a first step in the preparation of next year's budget development. One cost that is being looked at closely is administrative costs as a function of student credit hours. Data on administrative costs and credit hours for the past thirteen months are shown below:

Month	Administrative Costs				Credit Hours
July		$	129,701		650
August			82,933		323
September			225,820		1,600
October			216,554		1,208
November			258,343		1,517
December			184,849		1,320
January			219,457		1,547
February			245,240		1,581
March			209,622		1,272
April			192,005		1,331
May			250,378		1,568
June			170,738		628
July			128,407		523
Total		$	2,514,047		15,068
Average		$	193,388		1,159

The controller's office has analyzed the data and has given you the results from the regression analysis:

SUMMARY OUTPUT
Regression Statistics
Multiple R	0.9312355
R Square	0.867199648
Adjusted R Square	0.855126889
Standard Error	20,186.72528
Observations	13

ANOVA
	df	SS	MS	F	Significance F
Regression	1	29,271,454,138	29,271,454,138	-71.8311058	3.75776E-06
Residual	11	4,482,542,652	407,503,877.5
Total	12	33,753,996,790

	Coefficients	Standard Error	t Stat	P-value	Lower 95%	Upper 95%	Lower 95.0%	Upper 95.0%
Intercept	68,804.88498	15,729.68207	4.37420697	0.001109748	34,184.08818	103,425.6818	34,184.08818	103,425.6818
X Variable 1	107.4849678	12.68210822	8.475323345	3.75776E-06	79.57183584	135.398100	79.57183584	135.398100

If the controller uses the high-low method to estimate costs, the variable cost per credit hour is:

Multiple Choice

$201.08.

$82.26.

$111.89.

$103.49.