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Question 22

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Use the following to answer questions :
A quantitatively savvy, young couple is interested in purchasing a home in northern New York. They collected data on houses that had recently sold in the two towns they are considering. The variables they collected are the selling price of the home (in thousands of dollars), the size of the home (in square feet), the age of the home (in years), and the town in which the house is located (coded 1 = Canton and 0 = Potsdam). Output from their multiple regression analysis is provided.
The regression equation is
Price (in thousands) = 69.2 + 0.0627 Size (sq. ft.) - 0.632 Age + 1.6 Town
Use the following to answer questions : A quantitatively savvy, young couple is interested in purchasing a home in northern New York. They collected data on houses that had recently sold in the two towns they are considering. The variables they collected are the selling price of the home (in thousands of dollars), the size of the home (in square feet), the age of the home (in years), and the town in which the house is located (coded 1 = Canton and 0 = Potsdam). Output from their multiple regression analysis is provided. The regression equation is Price (in thousands) = 69.2 + 0.0627 Size (sq. ft.) - 0.632 Age + 1.6 Town S = 40.0763 R-Sq = 59.3% R-Sq(adj) = 56.5% Analysis of Variance -One of the houses they are considering is a 92 year old, 1,742 square foot house in Canton. What is the predicted selling price of this house? Round to three decimal places.
S = 40.0763 R-Sq = 59.3% R-Sq(adj) = 56.5%
Analysis of Variance
Use the following to answer questions : A quantitatively savvy, young couple is interested in purchasing a home in northern New York. They collected data on houses that had recently sold in the two towns they are considering. The variables they collected are the selling price of the home (in thousands of dollars), the size of the home (in square feet), the age of the home (in years), and the town in which the house is located (coded 1 = Canton and 0 = Potsdam). Output from their multiple regression analysis is provided. The regression equation is Price (in thousands) = 69.2 + 0.0627 Size (sq. ft.) - 0.632 Age + 1.6 Town S = 40.0763 R-Sq = 59.3% R-Sq(adj) = 56.5% Analysis of Variance -One of the houses they are considering is a 92 year old, 1,742 square foot house in Canton. What is the predicted selling price of this house? Round to three decimal places.
-One of the houses they are considering is a 92 year old, 1,742 square foot house in Canton. What is the predicted selling price of this house? Round to three decimal places.

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