Solution: We are given that the correlation coefficient between the age of a homeowner, x , and the number of years remaining on the homeowner's mortgage, y, is 0.485
We know that coefficient of determination is the percent of the variation in the dependent variable that is explained by the independent variable. The coefficient of determination is the square of correlation coefficient and is denoted by
Therefore, we have:
denotes
Hence the option 23.5% is correct