The Following Data Shows the Yearly Income (In $1000) and Age

Essay

The following data shows the yearly income (in $1000) and age of a sample of seven individuals. $$\begin{array} { l l } \text { Income (in \$1000) } & \text { Age } \\20 & 18 \\24 & 20 \\24 & 23 \\25 & 34 \\26 & 24 \\27 & 27 \\34 & 27\end{array}$$ ​
a.
Develop the least squares regression equation.
b.
Estimate the yearly income of a 30-year-old individual. Give your answer in dollars.
c.
Compute the coefficient of determination.
d.
Use a t test to determine whether the slope is significantly different from zero. Let α = .05.
e.
At the .05 level, perform an F test and determine whether or not the model is significant.