University administrators believe their first-year applications are influenced by two variables: tuition and the size of the applicant pool of eligible high school students in the province. The following data for an eight-year period show the tuition rates (per semester) and the sizes of the applicant pool for each year:

a. Using Excel, develop the multiple regression equation for these data.
b. What is the coefficient of determination for this regression equation?
c. Determine the forecast for first-year applicants for a tuition rate of $1500 per semester with a pool of applicants of 60,000.

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Tuition ($) Applicant Pool Applicants 900 76,200 11,060 1250 78,050 10,900 8670 1375 67,420 70,390 9050 1400 1550 62,550 7400 59,230 1625 7100 1750 57,900 6300 1930 60,080 6100