The following data list ages of cars (in years) and monthly repair cost (in dollars). What is the standard error of estimate ?
$\begin{array}{ll}
\text { Age } & \text { Cost } \
3 & 25 \
5 & 35 \
7 & 55 \
9 & 50 \
11 & 75 \
14 & 85
\end{array}$

A) 6.36
B) 7.34
C) 8.75
D) 5.49

Question

The following data list ages of cars (in years) and monthly repair cost (in dollars). What is the standard  error of estimate ?
$\begin{array}{ll}
\text { Age } & \text { Cost } \
3 & 25 \
5 & 35 \
7 & 55 \
9 & 50 \
11 & 75 \
14 & 85
\end{array}$

A) 6.36
B) 7.34
C) 8.75
D) 5.49

Quizplus · Accepted Answer

The standard error of estimate is calculated using the formula for the standard deviation of the residuals from the regression line. After calculating the regression line and residuals, the standard error of estimate is approximately 6.36.

The Following Data List Ages of Cars (In Years) and Monthly