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.

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

 

  1. Develop the least squares regression equation.
  2. Estimate the yearly income of a 30-year old individual.
  3. Compute the coefficient of determination.
  4. 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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