The College of Business at Northeast College is accumulating data as a first step in the preparation of next year's budget development. One cost that is being looked at closely is administrative costs as a function of student credit hours. Data on administrative costs and credit hours for the past thirteen months are shown below: Credit Month July August September October November December January February March April May June July Total Average Administrative Costs $ 141, 301 106,613 240,580 220,394 263,263 190,449 226,137 253,000 218,462 201,925 260,978 182,418 141, 167 $ 2,646,687 $ 203,591 Hours 700 565 1,842 1,450 1,759 1,562 1,789 1,823 1,514 1,573 1,810 870 765 18,022 1,386 The controller's office has analyzed the data and has given you the results from the regression analysis: SUMMARY OUTPUT Regression Statistics Multiple R 0.9338403 R Square 0.872057775 Adjusted R Square 0.860426664 Standard Error 18,517.33960 Observations 13 ANOVA df F Significance F 3.05422E-06 1 -74.9763070 Regression Residual Total SS MS 25,708, 765,805 25,708,765,805 3,771,810,524 342,891,865.8 29,480,576,329 11 12 Coefficients 69,871.44789 96.4575617 Intercept X Variable 1 Standard Error 16, 274.67305 11.13971954 t Stat 4.29326277 P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% 0.001270198 34,051.13403 105,691.7618 34,051.13403 105, 691.7618 3.05422E-06 71.93920433 120.975919 71.93920433 120.975919 8.658886015 The percent of the total variance that can be explained by the regression is: Multiple Choice 93.7%. O 87.2%. O 86.3% O 97.0%