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Compute the coefficient of correlation

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A random sample of eight auto drivers insured with a company and having similar auto insurance policies was selected. The following table lists their driving experience (in years) and the monthly auto insurance premium (in Sh.000) paid by them.

Driving experience (Years)

5

2

12

9

15

6

25

16

Monthly auto insurance premium (In Sh.000)

64

87

50

71

44

56

42

69

1) Find the least squares regression line by identifying the appropriate dependent and independent variable

3) Compute the coefficient of correlation and coefficient of determination and interpret them.

Reference no: EM131076972

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