Estimate the regression model and predict it.
The subsequent table shows the annual maintenance costs for several cars as well as their age.
|
age of car
|
annual expenses ($)
|
|
1
|
100
|
|
2
|
375
|
|
2
|
325
|
|
3
|
455
|
|
3
|
520
|
|
4
|
485
|
|
4
|
530
|
|
5
|
595
|
|
5
|
515
|
|
6
|
700
|
|
6
|
800
|
|
7
|
1000
|
|
7
|
950
|
What would a regression model that relays maintenance costs (dependant variable) as a function of age (independent variable) forecast the annual cost of maintaining an eight-year-old car to be?