Refer to Exercise 16. Determine the standard error of estimate and the coefficient of determination. Interpret the coefficient of determination.

Data From Exercise 16:

Mr. James McWhinney, president of Daniel-James Financial Services, believes there is a relationship between the number of client contacts and the dollar amount of sales. To document this assertion, Mr. McWhinney gathered the following sample information. The x column indicates the number of client contacts last month and the y column shows the value of sales ($ thousands) last month for each client sampled.

Transcribed Image Text:

Number of Sales Number of Sales Contacts, ($ thousands), Contacts, ($ thousands), y y 14 24 23 30 12 14 48 90 20 28 50 85 16 30 55 120 46 80 50 110