Nate's savings account for the business had $12.10 more at the end of the year than the $252 it had at the begining of the year.
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The value of correlation coefficient (r) for the dataset is 0.981
<h3>What is correlation coefficient (r)?</h3>The correlation coefficient (r) is used to determine the closeness and association of a scatter plot points.
The dataset is given as:
- x: 8 15 3 7 2 14
- y: 15 21 6 12 3 20
Using a graphing calculator, we have the following parameters:
<h3>X Values </h3>- ∑x = 49
- Mean = 8.167
- ∑(X - Mx)2 = SSx = 146.833
<h3>Y Values </h3>
- ∑y = 77
- Mean = 12.833
- ∑(Y - My)2 = SSy = 266.833
<h3>X and Y Combined </h3>
- N = 6
- ∑(X - Mx)(Y - My) = 194.167
The correlation coefficient (r) is then calculated as:
This gives
Approximate
Hence, the value of correlation coefficient (r) for the dataset is 0.981
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