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Please help ! 11. In the following regression, the independent variable X is driving experience (in years). The dependent variable Y is monthly auto insurance

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11. In the following regression, the independent variable X is driving experience (in years). The dependent variable Y is monthly auto insurance premium (in dollars), and n is a random sample of drivers insured with a particular company. The purpose of the regression is to discover how experience impacts one's insurance premium. Standard Error = 10.3199 n = 8 ANOVA Source of Variation SS df MS F p-value Regression 818.5 818.5 6.64 0.026 Residual 739.0 123.16 Total 1557.5 7 Regression output Variables coefficients std. error p-value Intercept 6.660 6.961 1 1.01 0.000 Experience -1.9476 - 2.94 0.026 (2) (a) Write out the fitted regression equation. Use the notation in the problem description. Use the proper notation for "Fitted Value". (2) (b) State the degrees of freedom for a test of the slope coefficient. (2) (c) Calculate the standard error of the Experience coefficient. (2) (d) Calculate the coefficient of determination. (e) Test the overall significance of the regression equation using the p-value approach. Use a=.05 to make your comparison. Specifically: (2) (i) What do you conclude about the significance of the regression model? (2) (ii) What is the mathematical reason for this conclusion? pe here to search O m N 1 5

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