Please show how to solve! A student collected information on 99 homes in Wake Co

Question

Please show how to solve!

A student collected information on 99 homes in Wake County NC. Some of the variables collected by the student include the size of the home (in square feet), the year built, the size of the lot (in acres), the number of bathrooms and the value of the home. The resulting data was used to produce the following output. Dependent Variable: Total value Independent Variable(s): Sq_Ft., Year, Year * Sq_Ft. Interaction Parameter estimates: Analysis of variance table for multiple regression model: Summary of fit: Root MSE: 80242.13 R-squared: 0.7052 R-squared (adjusted): 0.6959 We would like to predict the value of a home that is 2530 square feet in size and was built in 1992. Based on this output what value would you predict?

Explanation / Answer

Prediction value of homeon given data

2530 square feet size and built in 1992

predicted value of home = 2822556.5 + 254.42 * 2530 - 1476.86 * 1992 - 0.0391 * 2530*192

                                   = 327279.4

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