Pepper Company has accumulated data to use in preparing its annual profit plan for the upcoming year. The cost behavior pattern of the maintenance costs must be determined. The accounting staff suggested that linear regression be employed to derlve an cquation for maintenance hours and costs. Data regarding the maintenance hours and costs for the last year and the results of the regression analysis are as follows: Average cost per hour ($51,910/6,600)=$7.87 (rounded to the nearest cent) r=0.87909r2=0.77280 The percent of the total variance that can be explained by the regression equation is