To study the factors that affect monthly premium paid for car insurance, a random sample of 138 customers who recently b

[answerhappygod]

To Study The Factors That Affect Monthly Premium Paid For Car Insurance A Random Sample Of 138 Customers Who Recently B 1 (35.01 KiB) Viewed 77 times

To Study The Factors That Affect Monthly Premium Paid For Car Insurance A Random Sample Of 138 Customers Who Recently B 2 (36.16 KiB) Viewed 77 times

To study the factors that affect monthly premium paid for car insurance, a random sample of 138 customers who recently bought car insurance is taken. Researchers ran a regression of the premium paid by customers (in dollars) on the ages of their cars (in years), number of years since they obtained their driver's licenses (in years) and how long they usually use their cars each day (in hours). SUMMARY OUTPUT Near Srotatis Multiple 91747555 R Square as1392 Adjusted Square 08177 Standard Error REST Observations ANOVA Regression Hesidual Total 3 1 137 55 221960.071 017201001 MS Significance 7399196.20 277.607472 L. 977 311310000 IN Intercept 8: Age of car 8 Years after licence 8 Hours of daily use Coefficients Standard Error Soor Pavolue Lower 95 Upper 95 219.5397895 13.374252 16.41510619 7.1016E-34 193.087845 245.9917312 26.600448 1.416523719 18.77868167 2.3959ME-39 23.7988109 291020851 -29.69754656 1.72119245317.254053437.50789E-36-33 10175533 25.79332779 3.621672171 1901888819 1.901350204 0.059021235013993 2524 7.385276866 How do you interpret the intercept Bo?

Regression Residual Total 55 2210.07 4172 Ats Sign icon 1986.600 217602712 1.ES 31 LEO 130 tower 8 Intercept Age of car 0 Years after licence 8 Hours of daily use Coelente Standard Error Ste! nrohre 219.5397 16.41510619 7.10LEE 26.6038 1.41652719 1.77801167 2195 ME 29.6W54656 L721192153-17 254057.50789-36 3621622171 1.5019 1 300201 0.071215 Lope 21459917312 0139337 How do you interpret the intercept Bo? Under the assumption that the monthly premium is normally distributed, intercept equals the mean of this normal distribution Intercept will increase monthly premium by 219.54 if the age of car is 26.6 years, the driver has received their licence for 29.7 years and the car is used 3.6 hours every day. If age of car, years after licence and hours of daily use are all equal to zero, the monthly premium is expected to be 219.54 dollars. o Keeping all other variables constant, a one unit increase in intercept is expected to increase the monthly premium by 219.54 dollars.