An automobile rental company wants to predict the yearly maintenance expense (Y) for an automobile using the number of miles driven during the year () and the age of the car (, in years) at the beginning of the year. The company has gathered the data on 10 automobiles and run a regression analysis with the results shown below:. Summary measures Multiple R0.9689 R-Square0.9387 Adj R-Square0.9212 StErr of Estimate72.218 Regression coefficients CoefficientStd Errt-valuep-valueConstant33.79648.1810.70140.5057Miles Driven0.05490.01912.86660.0241Age of car21.46720.5731.04340.3314Use the information above to estimate the annual maintenance expense for a 10 years old car with 60,000 miles.

To estimate the annual maintenance expense for a 10-year-old car with 60,000 miles, we need to use…

Answered: An automobile rental company wants to…

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter4: Linear Functions

Section: Chapter Questions

Problem 41RE: For the following exercises, consider the data in Table 5, which shows the percent of unemployed in...

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An automobile rental company wants to predict the yearly maintenance expense (Y) for an automobile using the number of miles driven during the year () and the age of the car (, in years) at the beginning of the year. The company has gathered the data on 10 automobiles and run a regression analysis with the results shown below:.

Summary measures
Multiple R	0.9689
R-Square	0.9387
Adj R-Square	0.9212
StErr of Estimate	72.218

Regression coefficients
	Coefficient	Std Err	t-value	p-value
Constant	33.796	48.181	0.7014	0.5057
Miles Driven	0.0549	0.0191	2.8666	0.0241
Age of car	21.467	20.573	1.0434	0.3314