A scientific study on weight loss gives the following data table.

Days of continuous exercise	Weight lost (ounces)
50	35
53	44
56	49
60	65
64	69

Using technology, it was determined that the total sum of squares (SST) was 819.2, the sum of squares regression (SSR) was 794.19, and the sum of squares due to error (SSE) was 25.013. Calculate R2 and determine its meaning. Round your answer to four decimal places.

Select the correct answer below:

R2=0.0305

Therefore, 3.05% of the variation in the observed y-values can be explained by the estimated regression equation.

R2=1.0315

Therefore, 10.315% of the variation in the observed y-values can be explained by the estimated regression equation.

R2=0.0315

Therefore, 3.15% of the variation in the observed y-valuescan be explained by the estimated regression equation.

R2=0.9695

Therefore, 96.95% of the variation in the observed y-valuescan be explained by the estimated regression equation.