Question: Case Snippet 2B) A particular dataset includes 50 variables. It was also noted that in the 50x50 correlation matrix, the off-diagonal elements are within a

Case Snippet 2B) A particular dataset includes 50 variables. It was also noted that in the 50x50 correlation matrix, the off-diagonal elements are within a range of [-0.03, +0.025]. If PCA is applied to this dataset, what will the eigenvalues be (approximately)? How many principal components will be sufficient to explain 80% variability (approximately)?

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