Chapter Project 381 choose from among linear, quadratic, cubic, exponential, logarithmic, and logistic models. (c) Provide a justification for the model that you selected in part (b). (a) Using a graphing utility, draw a scatter plot of the data treating median age, x, as the independent variable. (b) Determine a model that best describes the relation between median age and percent stopped. You may 4. The exponential function of best fit is of the form = y Ce , rx where y is the suggested retail value of the car and x is the age of the car (in years). What does the value of C represent? What does the value of r represent? What is the depreciation rate for each car that you are considering? 5. Write a report detailing which car you would purchase based on the depreciation rate you found for each car. Depreciation of Cars Kelley Blue Book is a guide that provides the current retail price of cars. You can access the Kelley Blue Book online at www.kbb.com. 1. Identify three cars that you are considering purchasing, and find the Kelley Blue Book value of the cars for 0 (brand new), 1, 2, 3, 4, and 5 years of age. Online, the value of the car can be found by selecting Price New/Used. Enter the year, make, and model of the new or used car you are selecting. To be consistent, assume the cars will be driven 12,000 miles per year, so a 1-year-old car will have 12,000 miles, a 2-yearold car will have 24,000 miles, and so on. Choose the same options for each year, and select Buy from a Private Party when choosing a price type. Finally, determine the suggested retail price for cars that are in Excellent, Good, and Fair shape. You should have a total of 16 observations (1 for a brand new car, 3 for a 1-year-old car, 3 for a 2-year-old car, and so on). 2. Draw a scatter plot of the data with age as the independent variable and value as the dependent variable using Excel, a TI-graphing calculator, or some other spreadsheet. The Chapter 3 project describes how to draw a scatter plot in Excel. 3. Determine the exponential function of best fit. Graph the exponential function of best fit on the scatter plot. To do this in Excel, right click on any data point in the scatter plot. Now select Add Trendline. Select the Exponential radio button and select Display Equation on Chart. See Figure 73. Move the Trendline Options window off to the side, if necessary, and you will see the exponential function of best fit displayed on the scatter plot. Do you think the function accurately describes the relation between age of the car and suggested retail price? Figure 73 Citation: Excel © 2019 Microsoft Corporation. Used with permission from Microsoft. Chapter Project Internet-based Project Credit:Vladimir Kramin/Shutterstock
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