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

Age (years)

Selling Price ($000)

1

9

8.1

2

7

6.0

3

11

3.6

4

12

4.0

5

8

5.0

6

7

10.0

7

8

7.6

8

11

8.0

9

10

8.0

10

12

6.0

11

6

8.6

12

6

8.0

a. Determine the standard error of estimate (Round your answer to 4 decimal places.)

b. Determine the coefficient of determination (Round your answer to 4 decimal places.)

c. Interprete the coefficient of determination (Round your answer to the nearest whole number.)