Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following table shows the age and selling price of cars sold recently at a used car lot. Calculate the correlation coefficient, r, and determine
The following table shows the age and selling price of cars sold recently at a used car lot. Calculate the correlation coefficient, r, and determine whether r is statistically significant at the 0.01 level of significance. Car Ages and Selling Prices Car Age 2 4 5 6 7 9 O 11 Price ($) 39,905 26,875 15,895 17,995 8995 10,199 5995 6205 Critical Values of the Pearson Correlation Coefficient n a = 0.05 a = 0.01 4 0.950 0.990 5 0.878 0.959 6 0.811 0.917 7 0.754 0.875 8 0.707 0.834 9 0.666 0.798 10 0.632 0.765 11 0.602 0.735 12 0.576 0.708 13 0.553 0.684
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started