Area 3: Quantitative Business Analysis Please answer the following questions in a succinct and concise manner. Each answer should yield about 3-5 sentences. 7. List all necessary steps of a hypothesis test. | 8. Explain what it means if a coefficient estimate in a regression is statistically significant. 9. Based on the output below, please explain how the results can be interpreted in a real business scenario. The following Excel output shows the outcome of a linear regression of individuals' wage per hour (in dollars) on the number of years they attended school (in years). SUMMARY OUTPUT Regression Statistics Multiple R 0.381932619 R Square 0.145872525 Adjusted R Square 0.144267022 Standard Error 4.753758428 Observations 534 ANOVA df SS MS F Significance F Regression 1 2053.22554 2053.22554 90.8578469 5.45998E-20 Residual 532 12022.25261 22.59821919 Total 533 14075.47815 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% -0.745942699 1.045403804 -0.71354504 0.475821452 -2.799566599 1.307681201 -2.799566599 1.307681201 Intercept Years of Schooling 0.750448943 0.078729942 9.531938255 5.45998E-20 0.595789385 0.9051085 0.595789385 0.9051085