Question
Please use the Excel file ShortData, and draw a scatter plot for income and FICO scores. Then, calculate the correlation coefficient between Income (in $1,000)
Please use the Excel file "ShortData", and draw a scatter plot for income and FICO scores. Then, calculate the correlation coefficient between Income (in $1,000) and FICO scores STEP by STEP with Excel. The video "How to Calculate Correlation Coefficient Step by Step" should be very helpful. Please watch the video for the details. You can use Excel or R for computing variance, covariance and others for correlation coefficient. Does the scatter plot look like a line? How much is the correlation coefficient r? How to interpret it? Positive or negative? Weak or strong?
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