You are interested in the determinants of analyst following for publicly traded companies. You conduct a regression on 53 observations, specified as follows:

Analysts_i = b₀ + b₁ (D/E)_i + b₂ Size_i + error

Where Analysts is the natural log of (1 + number of analysts), D/E is the debt to equity ratio of the company, and Size is the natural log of the company's market cap, in millions.

Your regression results are as follows:

	Coefficient	Standard error
Incercept	0.12	0.19
D/E	-0.36	0.02
Size	0.43	0.15

What is the t-statistic for testing whether the coefficient on the D/E ratio is not equal to 0?

Please show in excel.