Answer:
ŷ = 195.698X - 6169.941 ;
R² = 0.9224 ; About 92% variation in the value of Charitable contribution can be explained by the best fit line.
Step-by-step explanation:
The excel data:
AGI: (X) :
55
58
63
67
74
78
83
88
92
98
105
Charitable contribution Y:
4200
4800
6329
8017
7400
8600
12290
10406
11820
12090
14675
The scatter plot can b found in the picture attached below.
The estimated regression equation obtained is :
ŷ = 195.698X - 6169.941
Where ;
slope of the regression line = 195.698 ;
Intercept = - 6169.941
The R² value is called the Coefficient of determination which gives the proportion of variation due to the best fit line. Using the Coefficient determination calculator ; R² = 0.9224
About 92% variation in the value of Charitable contribution can be explained by the best fit line.
