Question: PROBLEM 7 (20 MARKS IN TOTAL). The following data relate to the size of the electricity bill sent to 7 randomly selected customers and

PROBLEM 7 (20 MARKS IN TOTAL). The following data relate to the

PROBLEM 7 (20 MARKS IN TOTAL). The following data relate to the size of the electricity bill sent to 7 randomly selected customers and the time the customers took to pay the bills. Customer no. 1 2 3 4 5 6 7 Size of bill (CAD) Time to pay (days) 100 150 200 250 330 400 480 15 20 16 20 24 32 28 (a) (12 marks) What can we say about the strength of the linear relationship between the size of the bills and the time to pay the bills? (Your answers should be justified with appropriate calculations). (b) (8 marks) Determine the least squares regression equation that can be used to predict how long a bill of a given size will take to pay.

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