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		$	129,951		900
August			83,133		453
September			225,970		1,730
October			216,654		1,338
November			258,393		1,647
December			185,099		1,450
January			219,657		1,677
February			245,390		1,711
March			209,722		1,402
April			192,055		1,461
May			250,628		1,698
June			170,938		758
July			128,557		653
Total		$	2,516,147		16,878
Average		$	193,550		1,298

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

SUMMARY OUTPUT
Regression Statistics
Multiple R	0.9252908
R Square	0.856162998
Adjusted R Square	0.843086906
Standard Error	20,999.37024
Observations	13

ANOVA
	df	SS	MS	F	Significance F
Regression	1	28,872,943,235	28,872,943,235	-65.4754536	5.86044E-06
Residual	11	4,850,709,056	440,973,550.5
Total	12	33,723,652,290

	Coefficients	Standard Error	t Stat	P-value	Lower 95%	Upper 95%	Lower 95.0%	Upper 95.0%
Intercept	51,876.70822	18,451.75641	2.81147805	0.016923707	11,264.66618	92,488.7502	11,264.66618	92,488.7502
X Variable 1	109.1213291	13.48560359	8.091690403	5.86044E-06	79.43971576	138.802943	79.43971576	138.802943

Based on the results of the regression analysis, the estimate of administrative costs in a month with 1000 credit hours would be: (rounded to the nearest whole dollar)

Multiple Choice

• $162,306.

• $160,114.

• $160,997.

• $57,715.