The owner of Maumee Ford-Mercury-Volvo wants to study the relationship between the age of a car and its selling price. Listed below is a random sample of 12 used cars sold at the dealership during the last year. Car 1 2 3 4 5 6 Age (years) Selling Price ($000) 9 8.1 7 6.0 11 3.6 12 4.0 8 5.0 7 10.0 Car 7 8 9 10 11 12 Age (years) Selling Price ($000) 8 7.6 11 8.0 10 8.0 12 6.0 6 8.6 6 8.0 Click here for the Excel Data File - see below a. If we want to estimate selling price on the basis of the age of the car, which variable is the dependent variable and which is the independent variable? is the independent variable and Age is the dependent selling price variable. b-1. Determine the correlation coefficient. (Negative amounts should be indicated by a minus sign. Round your answers to 3 decimal places.) X Y ( )2 ( )2 ( )( 9.0 8.1 1.192 0.007 1.420 0.0 7.0 6.0 -0.908 3.674 0.825 1.7 11.0 3.6 2.083 4.340 10.945 -6.8 12.0 4.0 3.083 9.507 8.458 -8.9 8.0 5.0 -0.917 -1.908 3.642 1.7 7.0 10.0 -1.917 3.092 9.558 -5.9 8.0 7.6 -0.917 0.692 0.840 -0.6 11.0 8.0 2.083 1.092 4.340 2.2 10.0 8.0 1.083 1.092 1.174 1.192 12.0 6.0 3.083 -0.908 9.507 0.825 6.0 6.0 8.6 8.0 -2.917 -2.917 1.692 1.092 8.507 8.507 2.862 1.192 107.000 82.900 -4.9 -3.1 = = sx = sy = r= b-2. Determine the coefficient of determination. (Round your answer to 3 decimal places.) c. Interpret the correlation coefficient. Does it surprise you that the correlation coefficient is negative? (Round your answer to nearest whole number.) correlation between age of car and selling price. So, Moderate variation in the selling price is explained by the variation in the age of the car. Excel Sheet Car 1 2 3 4 5 6 7 8 9 10 Age 9 7 11 12 8 7 8 11 10 12 Price 8.1 6.0 3.6 4.0 5.0 10.0 7.6 8.0 8.0 6.0 % of the 11 12 6 6 8.6 8.0