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The owner of Maumee Ford-Volvo wants to study the relationship between the age of a car and its selling price. Listed below is a random
The owner of Maumee Ford-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 7 8 9 10 11 12 Age (years) 9 7 11 12 8 7 8 11 10 12 6 6 Selling Price ($ 000) 8.1 6.0 3.6 4.0 5.0 10.0 7.6 8.0 8.0 6.0 8.6 8.0 Click here for the Excel Data File a. Determine the regression equation. (Round your answers to 3 decimal places. Negative value should be indicated by a minus sign.) b= b. Estimate the selling price of a 10-year-old car (in $000). (Round your answer to 3 decimal places.) Selling price c. Interpret the regression equation (in dollars). (Round your answer to the nearest dollar amount.) For each additional year, the car decreases in value
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