The relationship between the number of square feet and the selling price (in dollars) of a sample of homes for sale in Cincinnati, Ohio, is observed to be linear, with a correlation of r = 0.78. A regression equation is subsequently constructed in order to predict selling price based on number of square feet. What percentage of the variability in selling price can be explained by this regression equation?

Group of answer choices

78.00%

39.00%

60.84%

It is impossible to answer this question without seeing the regression equation.

88.32%