Answer :
A four-year-old Honda Accord with 40,000 kilometres on it is being sold for $16144.32.
What is the going rate for a Honda Accord that is four years old?
According to Kelley Blue Book's website, the Honda Accord is the greatest midsized automobile for resale value. For a sample of 33 Honda
Accords, the file AutoResale provides the mileage, age, and selling price. To access the data, click the datafile logo. The predicted regression formula is:
Selling price = 20385.25049 - 0.03739 Mileage - 686.33668 age.
Calculate the asking price for a 40,000-mile, four-year-old Honda Accord.
Given data :
Age= 4 year, Mileage=40,000 miles
Hence the selling price
= 20385.25049 - 0.03739 Mileage - 686.33668 age
= 20385.25049 - 0.03739(40,000) - 686.33668 ( 4 )
= $16144.32
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