Calculate the predicted selling price for a home currently

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Reference no: EM131102090

Real estate is typically reassessed annually for property tax purposes.

QUESTION:

Real estate is typically reassessed annually for property tax purposes. This assessed value, however, is not necessarily the same as the fair market value of the property. Table 10.2 summarizes an SRS of 30 properties recently sold in a midwestern city. Both variables are measured in thousands of dollars.

TABLE

Sales Price and Assessed Value (in $ thousands) of 30 Homes in a Midwestern City

Property

Sales price

Assessed value

Property

Sales price

Assessed value

Property

Sales price

Assessed value

1

179.9

188.7

2

240.0

220.4

3

113.5

118.1

4

281.5

232.4

5

186.0

188.1

6

275.0

240.1

7

281.5

232.4

8

210.0

211.8

9

210.0

168.0

10

184.0

180.3

11

186.5

294.7

12

239.0

209.2

13

185.0

162.3

14

251.0

236.8

15

180.0

123.7

16

160.0

191.7

17

255.0

245.6

18

220.0

219.3

19

160.0

181.6

20

200.0

177.4

21

265.0

307.2

22

190.0

229.7

23

150.5

168.9

24

189.0

194.4

25

157.0

143.9

26

171.5

201.4

27

157.0

143.9

28

175.0

181.0

29

159.0

125.1

30

229.0

195.3

Data File

Find the least-squares regression line for predicting selling price from assessed value.

(Fill in the blanks below and round your answers to whole numbers.)

Calculate the predicted selling price for a home currently assessed at $285000.

Reference no: EM131102090

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