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StatisticsQ&A LibraryThe following data shows the yearly income (in $1000) and age of a sample of seven individuals. Income (in $1000) Age 20 18 24 20 24 23 25 34 26 24 27 27 34 27 Develop the least squares regression equation. Estimate the yearly income of a 30-year old individual. Compute the coefficient of determination. Use a t test to determine whether the slope is significantly different from zero. Use level of significance as 0.05.Start your trial now! First week only $4.99!*arrow_forward*

Question

The following data shows the yearly income (in $1000) and age of a sample of seven individuals.

Income (in $1000) |
Age |

20 |
18 |

24 |
20 |

24 |
23 |

25 |
34 |

26 |
24 |

27 |
27 |

34 |
27 |

- Develop the least squares regression equation.
- Estimate the yearly income of a 30-year old individual.
- Compute the coefficient of determination.
- Use a t test to determine whether the slope is significantly different from zero. Use level of significance as 0.05.

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