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The data contains the price of new and used taurus sedans

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The data contains the price of new and used Taurus sedans. All prices for used cars are from 1995. For example, a new Taurus bought in 1985 cost $11,790 and the wholesale used price of that car in 1995 was $1,700. A new Taurus bought in 1994 cost $18,680 and it could have been sold as used in 1995 for $12,600.

a. Use a visual check to see if there is any relationship between vehicle age and resale values.

b. You want to predict the resale value (as a percentage of the original price of the vehicle) as a function of the vehicle's age. Find an equation to do this. (You should try at least two equations and choose the one with the best fit). Interpret the results.

Prices of new and used Taurus sedans
Age Resale value Resale Price New Price
10 14% 1700 11790
9 17% 2125 12688
8 19% 2525 13280
7 26% 3475 13544
6 30% 4450 14722
5 37% 5525 14990
4 47% 7125 15290
3 51% 8575 16656
2 61% 10450 17220
1 67% 12600 18680

Reference no: EM13353084

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