The monthly premium quoted by an insurance company for a critical illness policy was collected from a sample of 6 adult male smokers at different age. The data for the sample are shown: Age 28 25 50 39 47 31 Premium ($) 75 40 175 125 250 105 Using Age to predict premium, the Linear Regression equation is given by: ŷ =6.556X−112 and r2=0.813y^=6.556X−112 and r2=0.813 a. Identify the independent and Dependent variables. Dependent: Age Premium Independent: Age Premium b. Determine the slope. Slope = Slope = Round to 3 decimal places c. Determine |r||r| . |r|=|r|= Round to 3 decimal places d. Interpret rr : and e. Determine critical r value at 5% significance level and determine if there is a significant linear correlation exists. |r| critical=|r| critical= Round to 3 decimal places Linear Correlation:Linear Correlation: Significant Not Significant f. Predict the monthly premium for a 40 years old adult male smoker. Premium=Premium= Round to the nearest dollar

The monthly premium quoted by an insurance company for a critical illness policy was collected from a sample of 6 adult male smokers at different age. The data for the sample are shown: Age 28 25 50 39 47 31 Premium ($) 75 40 175 125 250 105 Using Age to predict premium, the Linear Regression equation is given by: ŷ =6.556X−112 and r2=0.813y^=6.556X−112 and r2=0.813 a. Identify the independent and Dependent variables. Dependent: Age Premium Independent: Age Premium b. Determine the slope. Slope = Slope = Round to 3 decimal places c. Determine |r||r| . |r|=|r|= Round to 3 decimal places d. Interpret rr : and e. Determine critical r value at 5% significance level and determine if there is a significant linear correlation exists. |r| critical=|r| critical= Round to 3 decimal places Linear Correlation:Linear Correlation: Significant Not Significant f. Predict the monthly premium for a 40 years old adult male smoker. Premium=Premium= Round to the nearest dollar

Trigonometry (MindTap Course List)

8th Edition

ISBN:9781305652224

Author:Charles P. McKeague, Mark D. Turner

Publisher:Charles P. McKeague, Mark D. Turner

Chapter4: Graphing And Inverse Functions

Section: Chapter Questions

Problem 6GP: If your graphing calculator is capable of computing a least-squares sinusoidal regression model, use...

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Question

The monthly premium quoted by an insurance company for a critical illness policy was collected from a sample of 6 adult male smokers at different age. The data for the sample are shown:

Age	28	25	50	39	47	31
Premium ($)	75	40	175	125	250	105

Using Age to predict premium, the Linear Regression equation is given by:

ŷ =6.556X−112 and r2=0.813y^=6.556X−112 and r2=0.813

a. Identify the independent and Dependent variables.

Dependent:

Age

Premium

Independent:

Age

Premium

b. Determine the slope.

Slope = Slope =

Round to 3 decimal places

c. Determine |r||r| .

|r|=|r|=

Round to 3 decimal places

d. Interpret rr :

and

e. Determine critical r value at 5% significance level and determine if there is a significant linear correlation exists.

|r| critical=|r| critical=

Round to 3 decimal places

Linear Correlation:Linear Correlation:

Significant

Not Significant

f. Predict the monthly premium for a 40 years old adult male smoker.

Premium=Premium=

Round to the nearest dollar

Definition Definition Relationship between two independent variables. A correlation tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.

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