A developer in Maxwell City is in the process of deciding if to pursue purchasing a commercial real estate listing to construct an office building. He believes the success of the venture will depend to the most recent average family income (X) which impacts the number of office space rentals in Maxwell (Y). Recently, data associating average family income (X) ($000’s) with office space rentals (Y) (000’s) was collected and summarized. The results are given below:

Rental Units (000’s) (Y)

49

57

66

75

90

86

97

112

130

ΣX= 1279 ΣXY= 113824 ΣX² = 187757

At the 0.01 level of significance, can we conclude a significant positive relationship exist between average

income and the number of office space rental units in Maxwell? Show your calculations. Use the p-value approach.