4) Real estate investors, home buyers, and home owners often use the appraised value of a property as a basis for predicting sale price. Data on sale prices and total appraised values of 92 residential properties sold in 1999 in an upscale Tampa, Florida neighborhood named Tampa Palms. The first five and last five observations of the data set are listed in the accompanying table.
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The solution gives regression analysis of Real Estate sale price appraised value. Slope, intercept, correlation, r square, coefficient of determination and regression coefficients are given with interpretations.