(1.) [30 Points] The Missouri Department of Transportation (MoDoT) is responsible for infrastructure construction project including building new bridges and repaving highways. Recently, MoDoT has begun offering incentives to construction contractors for expediting these projects. Specifically, MoDot offers an incentive to the contractor for completing the project early. The introduction of an incentive system has been quite effective, with projects frequently being completed faster than anticipated. While MoDoT has substantial experience estimating project cost, they recently realized that their estimates for project duration do not incorporate the incentives offered to contractors. To develop a new model for project duration, MoDoT would like to know if they can use their accurate estimates of project cost to forecast duration. Using data on four previous highway repaving projects, they would like to develop this model. Project Cost (in thousands) Project Duration (in days) 1,400 200 1,600 300 1,800 400 2,000 700What is the intercept of the regression equation ( be) that best links the dependent and independent variables? What is the slope of the regression equation (b1) that best links the dependent and independent variables? Which type of projects (in terms of their cost) are completed within one year? Remember that Cost is in $K. The previous answer is the minimum cost for project completed in 1 year. Calculate the explanation power ( R2) of the regression equation relating project duration to project cost. We will discuss the R2 in class on Monday