Allstate wants to study the relationship between the amount of fire damage and the distance between the burning house and the nearest fire station. This will be used to set rates for insurance coverage. For a sample of 30 claims for the last year, the Operations Director determined the distance from the fire station (x) and the amount of fire damage in thousands of dollars (y). The MegaStat output is below; ANOVA Table SourceSSdfMSFRegression1865.578211865.578239.71Residual 1315.49342846.9819 Total 3181.071629 Regression Output Variables Coefficients Std. Error t(df=28) Intercept 12.55383.03013.678Distance-X3.46640.55016.3What % of the variation in damage is explained by the variation in distance? (round to 1 decimal place) Determine the correlation coefficient (round to 3 decimal places) Compute the value of the test statistic (round to 2 decimal places)

Name: Allstate wants to study the relationship between the amount of fire da
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Description: Allstate wants to study the relationship between the amount of fire damage and the distance between the burning house and the nearest fire station. This will be used to set rates for insurance coverage. For a sample of 30 claims for the last year, th

It is given that the ANOVA table and regression output of the data.

Answered: Allstate wants to study the…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

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Allstate wants to study the relationship between the amount of fire damage and the distance between the burning house and the nearest fire station. This will be used to set rates for insurance coverage.

For a sample of 30 claims for the last year, the Operations Director determined the distance from the fire station (x) and the amount of fire damage in thousands of dollars (y). The MegaStat output is below;

ANOVA Table

Source	SS	df	MS	F
Regression	1865.5782	1	1865.5782	39.71
Residual	1315.4934	28	46.9819
Total	3181.0716	29

Regression Output

Variables	Coefficients	Std. Error	t(df=28)
Intercept	12.5538	3.0301	3.678
Distance-X	3.4664	0.5501	6.3

What % of the variation in damage is explained by the variation in distance? (round to 1 decimal place)
Determine the correlation coefficient (round to 3 decimal places)
Compute the value of the test statistic (round to 2 decimal places)

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