An automobile dealer wants to see if there is a relationship between monthly sales and the interest rate. A random sample of 4 months was taken. The results of the sample are presented below. The estimated least squares regression equation is 
= 75.061 - 6.254X 
a.Obtain a measure of how well the estimated regression line fits the data.
b.You want to test to see if there is a significant relationship between the interest rate and monthly sales at the 1% level of significance. State the null and alternative hypotheses.
c.At 99% confidence, test the hypotheses.
d.Construct a 99% confidence interval for the average monthly sales for all months with a 10% interest rate.
e.Construct a 99% confidence interval for the monthly sales of one month with a 10% interest rate.
Definitions:
Product Line Extensions
Adding new products to an existing product line in order to compete more broadly in the industry.
Revamped Product
A product that has been significantly modified or updated with new features, design, or packaging to improve its appeal or functionality.
Product Life Cycle
The stages a product goes through from introduction to growth, maturity, and decline in the market.
Product Price
The amount of money required to purchase a product, determined by factors like cost of production, market demand, and competition.
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