The file P16_57.xlsx contains data on the price of new and used Taurus sedans. All used prices are from 1995. For example, a new Taurus bought in 1985 cost $11,790, and the wholesale used price of...

The file P16_57.xlsx contains data on the price of new and used Taurus sedans. All used prices are from 1995. For example, a new Taurus bought in 1985 cost $11,790, and the wholesale used price of that car in 1995 was $1700. A new Taurus bought in 1994 cost $18,680, and it could be sold used in 1995 for $12,600.


a. You want to predict the resale value (as a percentage of the original price of the vehicle) as a function of the vehicle’s age. Find an equation to do this. (You should try at least two different equations and choose the one that fits best.)


b. Suppose all police cars are Ford Tauruses. If you were the business manager for the New York Police Department, what use would you make of your findings from part a?