Question: Calculate the Correlation coefficient and interpret the result. (10 marks ) Develop the simple regression equation, that is, provide the values of a and b

  1. Calculate the Correlation coefficient and interpret the result.(10 marks)
  2. Develop the simple regression equation, that is, provide the values ofaandbfor the equation(4 marks)
  3. Interpret the intercept of the estimated regression from part (b)above(3marks)
  4. Interpret the slopeof the estimated regression from part (b)above(3marks)
  5. Predict theannual income of a 27-year-old individual.Give your answer in$dollars(3 marks)
  6. Use your answer from part (a) above to calculate the coefficient of determination (that is, the r2) for theregression.(2mark)
  7. Interpret the r2calculated in part (f)above.(5marks)

Calculate the Correlation coefficient and interpret the result.(10 marks)Develop the simple regression

The following data shows the annual income {in thousands of dollars) and age of a sample of six individuals

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