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7. An agent for a residential real estate company in a large city would like to be able to predict the monthly rental cost of apartments based on the size of the apartment. Data for a sample of 25 apartments in a particular neighborhood are provided in the worksheet Apartments in the Excel workbook MATH302_Final.xls. At the .05 level of significance determine if the correlation between rental cost and apartment size is significant.Yes, there is a statistically significant linear relationship between monthly rental cost and apartment size, because the t-test value, 7.74, is greater than the critical value 1.96.8. Given the same data referenced in problem 7 above, find the estimated regression equation which can be used to estimate the monthly rent for apartments in this neighborhood using size as the predictor variable?9. Given the same data referenced in problem 7 above, find a point estimate for the average monthly rent for apartments having 1,000 square feet of space. Place your answer, rounded to the nearest whole dollar, in the blank.
