SOLUTION: The money raised and spent (both in millions of dollars) by all congressional campaigns for 8 recent 2-year periods are shown in the table. The equation of the regression
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Question 1162915: The money raised and spent (both in millions of dollars) by all congressional campaigns for 8 recent 2-year periods are shown in the table. The equation of the regression line is ^Y= 0.950X+ 22.110. Find the coefficient of determination and interpret the result.
Money raised,X: 450.9, 671.8, 730.8, 775.2, 783.6, 1034.9, 959.2, 1203.8
Money spent, Y: 441.7, 682.5, 737.1, 752.5, 731,2. 1002.7, 942.1, 1164.5
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
r^2=0.993, which is very close to 1.
This suggests that the amount of money raised is a strong predictor of the amount of money spent, which should not be too surprising, given that the amount spent is probably going to be very close to the amount raised, which does put some constraints on it.
Look for r^2 in the regression print out.
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