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Fire damage in the United States amounts to billions of dollars, much of it insured. The time taken to arrive at the fire is critical. This raises the question, Should nsurance companies lower premiums if the home to be insured is close to a fire station? To help make a decision, a study was undertaken wherein a number of fir vere investigated. The distance to the nearest fire station (in miles) and the percentage of fire damage were recorded. Now, consider the linear model:

Fire damage in the United States amounts to billions of dollars, much of it insured. The time taken to arrive at the fire is critical. This raises the question, Should nsurance companies lower premiums if the home to be insured is close to a fire station? To help make a decision, a study was undertaken wherein a number of fir vere investigated. The distance to the nearest fire station (in miles) and the percentage of fire damage were recorded. Now, consider the linear model:

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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Fire damage in the United States amounts to billions of dollars, much of it insured. The time taken to arrive at the fire is critical. This raises the question, Should insurance companies lower premiums if the home to be insured is close to a fire station? To help make a decision, a study was undertaken wherein a number of fires were investigated. The distance to the nearest fire station (in miles) and the percentage of fire damage were recorded. Now, consider the linear model: Y = Bo + ₁x + Ei where € ~ N(0,0²). Using R, estimate the slope coefficient with 95% confidence. Provide the numerical value of the Lower Confidence Limit (LCL) of your confidence interval. Your final answer must be a number. Round it to 4 decimal places. Thanks!
Transcribed Image Text:Fire damage in the United States amounts to billions of dollars, much of it insured. The time taken to arrive at the fire is critical. This raises the question, Should insurance companies lower premiums if the home to be insured is close to a fire station? To help make a decision, a study was undertaken wherein a number of fires were investigated. The distance to the nearest fire station (in miles) and the percentage of fire damage were recorded. Now, consider the linear model: Y = Bo + ₁x + Ei where € ~ N(0,0²). Using R, estimate the slope coefficient with 95% confidence. Provide the numerical value of the Lower Confidence Limit (LCL) of your confidence interval. Your final answer must be a number. Round it to 4 decimal places. Thanks!
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