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State the correlation coefficient

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Question - In an effort to assist with annual electricity costs ($000), a large number of households in Australia have installed solar panels. To investigate this, a researcher took a random sample of households recording the annual electricity cost and the number of solar panels per household. Excel was used to create a simple linear regression of annual electricity cost against solar panels, with a portion of the regression output provided here:

Regression statistics

Multiple R

0.71

R square

0.5041

Observations

242

Coefficients

Standard Error

Intercept

2.93

7.7

Solar panels

-0.6

2.94

State the correlation coefficient.

Please give your answer correctly rounded to two decimal places.

Reference no: EM133118530

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