An auto manufacturing company wishes to investigate how the price of one of its car models depreciateswith age. The research department took a sample of 10 cars of this model and collected the followinginformation on the ages (in years) and the prices (in hundreds of dollars).Age, xPrice, y36.36.6.8.6.4992194140303841153780Note Σx-52, Σν-595, Σ-316 , Σν-50697, Σν -2326a) Draw a scatter plot for this data.b) Would you expect a positive or a negative relationship between the variables x and y? Explain.c) Calculate the linear correlation coefficient, r.d) Calculate the line-of-best-fit (regression line) AND add it to your scatter plot.e) Estimate the price of a 7 year old car of this model.10 D

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An auto manufacturing company wishes to investigate how the price of one of its car models depreciates with age. The research department took a sample of 10 cars of this model and collected the following information on the ages (in years) and the prices (in hundreds of dollars). 6. Age, x Price, y 3 9. 3 2 6. 8. 4 99 21 94 140 30 38 41 15 37 80 Note: Ex=52 , Ey =595 , Ex = 316 , ² = 50697 , Exy =2326 %3D a) Draw a scatter plot for this data. b) Would you expect a positive or a negative relationship between the variables x and y? Explain. c) Calculate the linear correlation coefficient, r. d) Calculate the line-of-best-fit (regression line) AND add it to your scatter plot. e) Estimate the price of a 7 year old car of this model.