PERSONAL FINANCE AND MANAGEMENT: Parking Space in Manhattan Buying a parking space in some parts of New York City has become as expensive as buying an apartment, on a per-square-foot basis. The following table gives the purchase cost per square foot of a parking space in Manhattan in recent years.
Year | 1998 | 2000 | 2002 | 2004 | 2006 |
Cost($) | 150 | 410 | 510 | 880 | 1100 |
a. Number the data columns with x-values 1–5 (so that x stands for the number of two-year intervals since 1996) and use linear regression to fit a line to the data. State the regression formula.
b. Interpret the slope of the line. From your answer, what is the yearly increase?
c. Use the regression line to estimate what the cost was in 2001.
d. Use the regression line to predict the cost in 2012.
e. Since an average parking space is 150 square feet, multiply your answers for parts (c) and (d) by 150 to find the actual costs of the parking space in those years.
Source: New York Times, July 12, 2007
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