The table gives the retail value of a 2004 Corvette Z06 and the miles driven. (Source: Kelly Blue Book website, November 3, 2004)
Mileage Retail Value
13,000 $46,100
18,000 $44,600
20,000 $43,300
25,000 $41,975
29,000 $40,975
32,000 $39,750
1. Find the correlation coefficient for the data.
2. What is the significance of this value of the correlation coefficient?
3. What is the least-squares regression line for the data?
4. Use the least-squares line to predict the retail value of the model car with a mileage of 30,000.
5. Use the least-squares line to predict the retail value of the model car with 30,000 miles.
6. What is the retail value of a model car with 35,000 miles?