An agent for a real estate company in a large city would like to be able to predict the monthly rental cost forapartments, based on the size of theapartment, as defined by square footage. A sample of eight apartments in a neighborhood wasselected, and the information gathered revealed the data shown below. For thesedata, the regression coefficients are b0=425.3798 and b1=0.8284.

Monthly Rent($)950 1500 800 1600 1900 950 1800 1400

Size(Square Feet)750 1200 950 1200 2000 650 1350 950

Determine the coefficient ofdetermination, r2, and interpret its meaning.

r2=

(Round to three decimal places asneeded.)