Predicting the Asking Price of used Cars - Accounting Assignment Help

Assignment Task :

We want to predict the asking price of used cars by taking the following independent variables that may influence the asking price, y (in R10 000), into account:

• the age of the car (in tens of years)
• the number of kilometers the car has driven (in 1000 km)

1.1 Test at a 5% level of significance whether the model that was fitted to the data is adequate for predicting the asking price of used cars.    

1.2 Interpret the estimated value of β7 in the context of the problem.     

1.3 Construct a 99% confidence interval for the number of kilometers the car has driven and interpret the interval.     

1.4 Test at a 5% level of significance whether the interaction term contributes information for the prediction of the asking price of used cars. According to your conclusion, does interaction exists or not and what does it mean if it exists or does not exist?    

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