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Predict the mean monthly rent for apartment

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Reference no: EM132974542

An agent for a residential real estate company in a suburb located outside of Washington DC, has the business objective of developing more accurate estimates of the monthly rental cost for apartments. Toward that goal, the agent would like to use the size of an apartment, as defined by square footage to predict the monthly rental cost. The agent selects a sample of 40 one bedroom apartments and collects and stores the data in RentSilverSpring.

RentSilverSpring ( Data - put the below data in excel)

Row A - Size (Square feet) 524 616 666 830 450 550 780 815 1070 610 835 660 590 675 744 820 912 628 645 840 800 804 950 800 787 960 750 690 840 850 965 1060 665 775 960 827 655 535 625 749 634 641 860 740 593 880 895 692

Row B - Rent ($) 1110 1175 1190 1410 1210 1225 1480 1490 1495 1680 1810 1625 1469 1395 1150 1140 1220 1434 1519 1105 1130 1250 1449 1168 1224 1391 1145 1093 1353 1530 1650 1740 1235 1550 1545 1583 1575 1310 1195 1200 1185 1444 1385 1275 1050 1650 1340 1560

a. Construct a scatter plot

b. Determine the regression coefficient bo and b1

c. Interpret the meaning of bo and b1 in this problem

d. Predict the mean monthly rent for an apartment that has 800 square feet. Determine the coefficient of determination and interpret the result

Reference no: EM132974542

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