An amount of $32,000 is borrowed for 10 years at 5.75% Interest, compounded annually. If the loan is paid in full at the end of
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Answer:
(a) Shown below
(b) There is a positive relation between the number of assemblers and production.
(c) The correlation coefficient is 0.9272.
Step-by-step explanation:
Let <em>X</em> = number of assemblers and <em>Y</em> = number of units produced in an hour.
(a)
Consider the scatter plot below.
(b)
Based on the scatter plot it can be concluded that there is a positive relationship between the variables <em>X</em> and <em>Y</em>, i.e. as the value of <em>X</em> increases <em>Y</em> also increases.
(c)
The formula to compute the correlation coefficient is:
Compute the correlation coefficient between <em>X</em> and <em>Y</em> as follows:
Thus, the correlation coefficient is 0.9272.
