Personal wealth tends to increase with age as older individuals have had more opportunities to earn and invest than younger individuals. The following data were obtained from a random sample of eight individuals and records their total wealth (Y) and their current age (X).
Person 
Total wealth (‘000s of dollars) Y 
Age (Years) X 
A 
280 
36 
B 
450 
72 
C 
250 
48 
D 
320 
51 
E 
470 
80 
F 
250 
40 
G 
330 
55 
H 
430 
72 
A part of the output of a regression analysis of Y against X using Excel is given below:
SUMMARY OUTPUT 



Regression Statistics 


Multiple R 
0.954704 


R Square 
0.91146 


Adjusted R Square 
0.896703 


Standard Error 
28.98954 


Observations 
8 




ANOVA 



df 
SS 
MS 
F 
Significance F 


Regression 
1 
51907.64 
51907.64 


Residual 
6 
5042.361 
840.3936 


Total 
7 
56950 








Coefficients 
Standard Error 
t Stat 
Pvalue 


Intercept 
45.2159 
39.8049 


Age 
5.3265 
0.6777 









Step 1. Statement of the hypotheses
Step 2. Standardised test statistic
Step 3. Level of significance
Step 4. Decision Rule
Step 5. Calculation of test statistic
Step 6. Conclusion
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