The Following Data Shows the Yearly Income in $1,000) and Age

Essay

The following data shows the yearly income in $1,000) and age of a sample of seven individuals.
$\begin{array}{ll}\text { Income in } \$ 1,000 \text { ) }&\text { Age }\\20 & 18 \\24 & 20 \\24 & 23 \\25 & 34 \\26 & 24 \\27 & 27 \\34 & 77\end{array}$
a. Develop the least squares regression equation.
b. Estimate the yearly income of a 30-year-old individual.
c. Compute the coefficient of determination.
d. Use a t test to determine whether the slope is significantly different from zero. Let α = 0.05.
e. At 95% confidence, perform an F test and determine whether or not the model is significant.