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Calculate the value of the coefficient of determination and interpret this value in the context of the problem. (Round 4 decimal places)

Calculate the value of the coefficient of determination and interpret this value in the context of the problem. (Round 4 decimal places)

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Calculate the value of the coefficient of determination and interpret this value in the context of the problem. (Round 4 decimal places)

Does it pay to stay in school? The report Trends in Higher Education (The College Board, 2010) looked at the median hourly wage gain per additional year of schooling in 2007. The report states that workers with a high school diploma had a median hourly wage that was 10% higher than those who had only completed 11 years of school. Workers who had completed 1 year of college (13 years of education) had a median hourly wage that was 11% higher than workers who had completed only 12 years of school. The gain in median hourly wage for each additional year of school is shown in the table below. The entry for 15 years of schooling has been intentionally omitted from the table. Years of Schooling 2007 Median Hourly Wage Gain for the Additional Year (percent) 10 12 13 11 14 13 16 16 17 18 18 19
Transcribed Image Text:Does it pay to stay in school? The report Trends in Higher Education (The College Board, 2010) looked at the median hourly wage gain per additional year of schooling in 2007. The report states that workers with a high school diploma had a median hourly wage that was 10% higher than those who had only completed 11 years of school. Workers who had completed 1 year of college (13 years of education) had a median hourly wage that was 11% higher than workers who had completed only 12 years of school. The gain in median hourly wage for each additional year of school is shown in the table below. The entry for 15 years of schooling has been intentionally omitted from the table. Years of Schooling 2007 Median Hourly Wage Gain for the Additional Year (percent) 10 12 13 11 14 13 16 16 17 18 18 19
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