Mr
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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.
Determine the standard error of estimate and the coefficient of determination. Interpret the coefficient of determination.Â
Data:
| Contacts x | Sales y |
| 14 | 24 |
| 12 | 14 |
| 20 | 28 |
| 16 | 30 |
| 46 | 80 |
| 23 | 30 |
| 48 | 90 |
| 50 | 85 |
| 55 | 120 |
| 50 | 110 |
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Answer:
from above
standard error of estimate =9.3104
and coefficient of determination =R2 =0.9513
this tells us that 95.13 % of variation in sales can be explained by variation in contacts
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