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

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.

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

Statistics: Unlocking the Power of Data

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