Data Set is provided in the Comments, kindly check it.

You are interested to predict the Fare ($)from the Distance (km).As a first step, use EXCEL to draw a scatterplot of Distance(km)vs Fare ($). Annotate the axes of this plot and include a title that is meaningful and contains your network ID.

1. Compute the correlation between these two variables using the CORREL function. In this Word document, type the Excel calculation you performed to compute the correlation coefficient.
2. Using EXCEL add a trendline to the scatterplot and display the regression equation and coefficient of determination (R-squared value).
3. Comment briefly on the scatterplot and correlation coefficient and whether a linear model is appropriate for this data.
4. (2 marks) State which is the dependent variable and which is the independent variable.
5. (3 marks) Discuss the value of the intercept and whether it is meaningful. Also, what does the slope measure in this scenario?
6. (3 marks) What is the value of the coefficient of determination (R-squared value)? Briefly discuss what the value means and whether the model is a good fit for the data.
7. (4 marks) Use the simple regression equation from part (a) to predict the Fare ($)required when the Distance (km) travelled is 5km. Comment on the accuracy of the prediction and discuss briefly.
8. (4 marks) Use the simple regression equation from part (a) to predict the Fare ($) when the Distance (km) travelled is 13km. Comment on the accuracy of the prediction and discuss briefly.

Assignment 3 Data External 2022.xlsx - Excel Chart Tools Sonal ghost SG X File Home Insert Page Layout Formulas Data Review View Help Chart Design Format Tell me what you want to do C fx ? A Q Define Name " Trace Precedents 45% Show Formulas Insert AutoSum Recently Financial Logical Text Date & Lookup & Math & of Use in Formula by+ Trace Dependents More Name Error Checking Watch Calculation Function Used Time ~ Reference . Trig . Functions Manager Create from Selection Remove Arrows ~ fx) Evaluate Formula Window Options Function Library Defined Names Formula Auditing Calculation Chart 1 X V A B C D E F G H J K L M N A Distance (km) Fare ($) 0.34 14.25 W N 0.61 14.26 O O O 0.63 12.92 Scatterplot 0.96 14.31 50.00 1.29 11.08 45.00 y = 2.6084x + 11.74 1.33 12.61 40.00 R2 = 0.6247......"" ................" 1.50 14.93 35.00 Correlation Coefficient r 0.79 40 00 1.72 11.53 30.00 10 1.79 14.68 Fare($) O 25.00 O 11 1.96 14.61 20.00 12 2.03 17.38 15.00 13 2.04 19.51 10.00 14 2.12 17.36 5.00 15 2.31 12.45 0.00 16 2.35 14.44 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 17 2.43 Distance(km) 19.94 O 18 2.53 12.52 19 11.95 39.00 Appendix 1 Appendix le Appendix 2 + Ready Accessibility: Investigate + 90%