1. Data from the US Federal Reserve Board (2002) on the percentage of disposable personal income required to meet consumer load payments and mortgage payments for selected years are found in the data below debt <- read.csv("https://www.siue.edu/~jpailde/debt.csv") debt i) Construct a scatterplot with a simple regression for this data set. ii) Check the error model assumption visually by constructing a residual plot and QQplot of the residuals. Interpret what you see. iii) Estimate the population regression slope by constructing 95% confidence interval. Give a brief interpretation of the esimated slope in the context of the problem. iv) Perform a hypothesis test on the regression slope, use a 5\% level of significance. Given an appropriate conclusion.

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