e. =. 05) that the acreage��Does the data provide significant evidence( can be used to predict the price? Test the utility of this model using a two-tailed test. Find the observed p- value and interpret.
f. Find the 95 % confidence interval for mean price of plots of farmland that are 50 acres. Interpret this interval.
g. Find the 95 % prediction interval for the price of a single plot of farmland that is 50 acres. Interpret this interval.
h. What can we say about the price for a plot of farmland that is 250 acres?( Points: 48)
4 1.( TCO E) An insurance firm wishes to study the relationship between driving experience( X1, in years), number of driving violations in the past three years( X2), and current monthly auto insurance premium( Y). A sample of 12 insured drivers is selected at random. The data is given below( in MINITAB):
a. Analyze the above output to determine the multiple regression equation.
b. Find and interpret the multiple index of determination( R-Sq). =. 05). Interpret your results. ��c. Perform the t-tests on and on( use two tailed test with(
d. Predict the monthly premium for an individual having 8 years of driving experience and 1 driving violation during the past 3 years. Use both a point estimate and the appropriate interval estimate.( Points: 31)