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Rent and Square Footage

APSTAT-4YX6FI

A realtor would like to examine the relationship between rental price and square footage of an apartment. He believes that the rent asked for an apartment can be predicted based on the square footage.

A random sample of $25$ apartments was collected and a least square footage line was obtained with a slope = $1.0632$, a $y$-intercept of $83.527$, and $R^2$ value of $0.8165$.

Determine the predicted rental price for a $1,200$-square-foot apartment.

A

$\$1,359.37$

B

$\$979.80$

C

$\$1,023$

D

$\$1,109.93$

E

Cannot be determined from the information given.