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Calculate the expected yearly home upkeep expenditure

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Suppose we are interested in exploring the potential linear relationship between yearly home upkeep expenditure (y) and home value (x). We obtain a sample of 100 homes and record the yearly home expenditure and value of each home, in thousands of dollars (e.g. if a home is worth $500,000, we record 500 as the home value). From Excel, we obtain the following linear regression equation:

y = -348.3921 + 7.2583x

Calculate the expected yearly home upkeep expenditure of a home worth $300,000. Round your final answer to two decimal places (e.g. if you calculate 2.095, enter 2.10). Do not enter a dollar sign ($). Hint: upkeep should not cost more than the house itself?

Reference no: EM132461804

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