A trucking company wants to predict the yearly maintenance expense (Y) for a truck using the number of miles driven during the year (X1) and the age of the truck (X2, in years) at the beginning of the year. The company has gathered the data given in the file P14_13.xlsx. Note that each observation corresponds to a particular truck. Estimate a multiple regression equation using the given data. Interpret each of the estimated regression coefficients. Also, interpret the standard error of estimate and the R-square value for these data.
Truck Maintenance Expense (Y) Miles Driven (X1) Age of Truck (X2)
1 $908.56 10,500 10
2 $751.12 9,700 7
3 $793.55 9,200 8
4 $619.61 8,300 9
5 $380.11 6,500 5
6 $368.72 4,500 2
7 $235.32 3,500 2
8 $174.93 2,200 3
9 $256.30 1,800 2