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Question 1' (5 marks} Marks \"Does the insurance premium depend on the driving experience?\" A random sample of 24 drivers insured with a companyr and having similar auto insurance policies were selected. The results of the statistical analysis are summarised using a scatter plot and Microsoft Excel output given below. Use the output to answer the questions on the next page. Driving Experience Vs Monthly Auto Insurance Premium H S 9 i 33\" *0 ED ED 410' it! ru :1 In? E E .E E E o. :1 D to 15 2|] Driving Experience {In years] 3 = E = or E E 3 2" .= E a E SUMMARY lEIIIUT PUT remen Statccs Multiple R 0309324241 R Square 0055315301 Adjusted Ft Square 0.0401?0542 Standard Error 0.03%?0033 Observations 24 Coefcients Standard Error t Stat P-vaius Intercept 30.5610 3.6459 22.0060 1 .04335E1E. Driving Experience in gears -"| .9233 0.2!35ITE'.I 6.4145 103323506 Question 1' {continued} Marks a. Write dovvn the least-squares regression equation and interpret its slope in the context of this study. [2] I}. Use the least-squares regression equation obtained to predict the monthly insurance premium for a driver with 15 years of driving experience. [1] c. What is the value of the coefcient of determination from the Excel output? Explain its meaning in the context of the study. [2]