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Question (Category: Mathematics Statistics )
Coefficient of determination and correlation Waterbury Insurance Company wants to study the relationship between the amount of fire damage and the the distance between the burning house and the nearest firestation. This information will be used in setting rates for insurance coverage. For a sample of 30 claims for the last year, the director of the actuarial department the distance from the fire station and the amount of fire damage, in thousands of dollars (Y). The MegaStat output reported below. ANOVA table Source SS df MS f Regression 1864.57 1 1864.57 38.83 Residual 1344.49 28 48.017 Total 3209.97 29 Regression Output Variables Coefficients Std Error t(df=28) Intercept 12.36 3.293.755 Distance (x) 4.79 0.76 6.231 a. Determine and interpret the coefficient of Determination b. Determine the correlation coefficient. Interpret its value. How did you determine the sign of the correlation Coefficient. c. Conduct a test hypothesis to determine if there is a significant relationship between the distance from the fire station and the amount of damage. Use the .01 significane level and two-tailed test.


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