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 )