A company want to find out if there is a linear relationship between indirect labor expense (ILE), in dollars, and direct labor hours (DLH). Data for direct labor hours and indirect labor expense for 25 months are given.

Please see attached Excel for data.
Approximately what percentage of the variation in indirect labor expenses is explained by the regression model you derived?

Place your answer, rounded to 2 decimal places, in the blank. Do not use any stray punctuation marks or a percentage sign. For example, 78.91 would be a legitimate entry.

 

DLH(X) ILE(Y) 20 361 25 355 22 376 23 384 20 374 19 311 24 427.2 28 387.5 26 450.8 29 475.2 27 462.6 22 333.3 26 389.9 25 445 28 511 32 501.1 33 544.9 35 423.8 34 574.1 30 535.4 36 444.7 37 578.4 37 399.6 31 355 20 313