Part 1: Covariance and Correlation 1. Write the formula for the sample covariance; by hand. 2. Write the formula for the sample correlation; by hand. 3. Calculate, by hand, the sample-covariance and sample-correlation-coefficient: n = 3 - X1 = 10, X2 = 12, and X3 = 14 - y1 = 15, y2 = 13, and y3 = 14 - This is best done by filling something similar to the following table to stay organized. Xi Vi (xi - x) (xi - x) (vi - V ) ( vi - y ) (xi - x) x ( vi - y ) 10 15 12 13 14 14 Sum 4. Input the numbers into Excel and confirm your answer using the function below. (No need to answer anything here, just make sure you got the right answer.) =CORREL(data1, data2) 5. Draw a scatterplot of the variables X and Y by hand. Add a fitted line (linear trend line). 6. Use the correlation coefficient and/or scatterplot to comment, in a complete sentence, about the relationship between X and Y. Is it positiveegative and strong/weak