Simple regression results from the data of Davis Stores are as follows: Equation: Store costs = $1,789.9 + (Revenue 51.8%) Statistical data Correlation coefficient 0.838 R2 0.703 Required: a. Estimate store costs for a store with revenue of $3.3 million. (Enter the answer in thousands of dollars. Round your answer to 2 decimal places.) b. What percentage of the variation in store costs is explained by the independent variable? (Enter answer as a percentage rounded to 1 decimal place.)

Exercise 5-41 Methods of Estimating Costs: Simple Regression (LO 5-5) Simple regression results from the data of Davis Stores are as follows Equation Store costs $1,789.9 Revenue Statistical data Correlation coefficient R2 51.8%) 0.838 0.703 Required: a. Estimate store costs for a store with revenue of $3.3 million. (Enter the answer in thousands of dollars. Round your answer to 2 decimal places.) Store cost b. What percentage of the variation in store costs is explained by the independent variable? (Enter answer as a percentage rounded to 1 decimal place.) Percentage of variation in store cost %