8. Use the table to find the following, years of experience (x) and salary in 1000$ (y).a. Find linear correlation coefficient.b. Find the line of best fit.c. What would your salary be with 8 years of experience?d. How many years of experience do you need to make 75k? Years of Experience Salary in 1000$1528421364850065816118548. Use the table to find the following, years of experience (x) and salary in 1000$ (y).a. Find linear correlation coefficient.b. Find the line of best fit.c. What would your salary be with 8 years of experience?d. How many years of experience do you need to make 75k?

X Y (x-xbar) (x-xbar)^2 (y-ybar) (y-ybar)^2 (x-xbar)*(y-ybar) 2 15 -5.5556 30.8642 -30.4444…

Answered: a. Find linear correlation coefficient.…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

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8. Use the table to find the following, years of experience (x) and salary in 1000$ (y).

a. Find linear correlation coefficient.

b. Find the line of best fit.

c. What would your salary be with 8 years of experience?

d. How many years of experience do you need to make 75k?

Years of Experience Salary in 1000$
15
28
42
13
64
8
50
06
58
16
11
8
54
8. Use the table to find the following, years of experience (x) and salary in 1000$ (y).
a. Find linear correlation coefficient.
b. Find the line of best fit.
c. What would your salary be with 8 years of experience?
d. How many years of experience do you need to make 75k?

Expert Solution

Working:

X	Y	(x-xbar)	(x-xbar)^2	(y-ybar)	(y-ybar)^2	(x-xbar)*(y-ybar)
2	15	-5.5556	30.8642	-30.4444	926.8642	169.1358
3	28	-4.5556	20.7531	-17.4444	304.3086	79.4691
5	42	-2.5556	6.5309	-3.4444	11.8642	8.8025
13	64	5.4444	29.6420	18.5556	344.3086	101.0247
8	50	0.4444	0.1975	4.5556	20.7531	2.0247
16	90	8.4444	71.3086	44.5556	1985.1975	376.2469
11	58	3.4444	11.8642	12.5556	157.6420	43.2469
1	8	-6.5556	42.9753	-37.4444	1402.0864	245.4691
9	54	1.4444	2.0864	8.5556	73.1975	12.3580

The mean is given by

$\overline{x} = \frac{1}{n}\sum x$

Experience
$\overline{x} = 7.556$
Salary
$\overline{y} = 45.44$

Correlation coefficient

The correlation coefficient is given by

$r = \frac{\sum (x - \overline{x})(y - \overline{y})}{\sqrt{\sum (x - \overline{x})^2\sum (y - \overline{y})^2}}$
$r = \frac{1037.778}{\sqrt{5226.222 \times 216.22}}$
${\color{Red} r = 0.9762}$

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