Florida reappraises real estate every year, and the county appraiser’s Web site lists the current “fair market value” of each piece of property. Property usually sells for somewhat more than the appraised market value. Here are the appraised market values and actual selling prices of condominium units sold in a beachfront building over a 19-month period (in thousands of dollars):
Selling Price
Appraised value
Month
Selling price
Appraised value
Month
850
758
0
790
605.9
13
900
812.7
1
700
483.8
14
625
504
2
715
585.8
14
1075
956.7
2
825
707.6
14
890
747.9
8
675
493.9
17
810
717.7
8
1050
802.6
17
650
576.6
9
1325
1031.8
18
845
648.3
12
845
586.7
19
(a) Make a scatterplot. It appears that appraised market value can be used to predict selling price.
(b) Find the least-squares line for predicting selling price from appraised value. Add this line to your scatterplot. Another unit in this building has appraised value $802,600. What do you predict that it will sell for?
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