According to a flyer by a Prudential Insurance Company representative, the costs of approximate probate fees...
According to a flyer by a Prudential Insurance Company representative, the costs of approximate probate fees and taxes for selected net taxable estates are as follows.
| Net Taxable Estate ($) | Approximate Probate Fees and Taxes ($) |
|---|---|
| 600,000 | 30,000 |
| 750,000 | 92,500 |
| 1,000,000 | 203,000 |
| 1,500,000 | 438,000 |
| 2,000,000 | 688,000 |
| 2,500,000 | 1,037,000 |
| 3,000,000 | 1,350,000 |
A) Calculate the least squares line. Put the equation in the form of: ŷ = a + bx. (Round your slope to three decimal places and your intercept to the nearest whole number.)
B) Find the correlation coefficient r. (Round your answer to four decimal places.)
C) Find the estimated total cost for a net taxable estate of $1,500,000. (Use your equation from part (d). Round your answer to the nearest whole number.)
D) Find the estimated total cost for a net taxable estate of $2,250,000. (Use your equation from part (d). Round your answer to the nearest whole number.)
E) Based on these results, what would be the probate fees and taxes for an estate that does not have any assets? (Round your answer to the nearest whole number.)
F) What is the slope of the least squares (best-fit) line? (Round your answer to three decimal places.)
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According to a flyer by a Prudential Insurance Company
representative, the costs of approximate probate fees...
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