The required correlation coefficient is r ≈ -0.994 and the equation for the best-fit line for the data is y = -104.94t + 866.825.
What is Statistic?
Statistic is the study of mathematics that deals with relations between comprehensive data.
Here,
a. To find the equation for the best-fit line for the data, we can use linear regression. We'll use the year (t) as the independent variable and the revenue (y) as the dependent variable. We can plug the data points into a calculator or spreadsheet to find the slope (m) and y-intercept (b) of the line,
n = 4 (number of data points)
∑t = 8060
∑y = 989.0
∑ty = 379466.5
∑t² = 161440
m = (n∑ty - ∑t∑y) / (n∑t² - (∑t)²) ≈ -104.94
b = (∑y - m∑t) / n ≈ 866.825
Therefore, the equation for the best-fit line is, y = -104.94t + 866.825
b. To find the correlation coefficient, we can use the formula:
r = [n∑ty - (∑t)(∑y)] / √([n∑t² - (∑t)²][n∑y² - (∑y)²])
r ≈ -0.994
Thus, the required correlation coefficient is r ≈ -0.994 and the equation for the best-fit line for the data is y = -104.94t + 866.825.
Learn more about Statistics here:
https://brainly.com/question/23091366
#SPJ1
