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Use the following to answer the questions below:A quantitatively savvy, young couple is interested ...

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3 weeks ago
Use the following to answer the questions below:

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

 Predictor Coef SE Coef T P Constant 69.23 25.10 2.76 0.008 Size (sq. ft.) 0.06267 0.01024 6.12 0.000 Age -0.6319 0.1328 -4.76 0.000 Town 1.65 12.15 0.14 0.893
S = 40.0763        R-Sq = 59.3%        R-Sq(adj) = 56.5%

Analysis of Variance

 Source DF SS MS F P Regression 3 102936 34312 21.36 0.000 Residual Error 44 70669 1606 ​ ​ Total 47 173605 ​ ​ ​

One of the houses they are considering is a 62-year-old, 1,865 square foot house in Potsdam. What is the predicted selling price of this house? Round to three decimal places.
Textbook

Statistics: Unlocking the Power of Data

Edition: 3rd
Authors:
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jmoline2jmoline2
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