Listed below are paired data consisting of movie budget amounts and the amounts that the movies grossed. Find the regression equation, letting the budget be thepredictor (x) variable. Find the best predicted amount that a movie will gross if its budget is $140 million. Use a significance level of a = 0.05.Budget ($)in MillionsGross ($)in Millions3922118677749124661264128196.1479.1186.997512710795996410920944829348Click the icon to view the critical values of the Pearson correlation coefficient r.The regression equation is y =+x.(Round to one decimal place as needed.)

Given, Predictor variable X=Budget ($)in Millions Predicted variable Y=Gross($)in Millions n=15 The regression equation of Y on X is Y-Y=rσYσXX-X¯Calculation: X Y X2 Y2 XY 39 118 1521 13924 4602 22 6 484 36 132 118 99 13924 9801 11682 67 75 4489 5625 5025 77 127 5929 16129 9779 49 107 2401 11449 5243 124 95 15376 9025 11780 66 99 4356 9801 6534 12 64 144 4096 768 64 109 4096 11881 6976 128 209 16384 43681 26752 19 44 361 1936 836 6 8 36 64 48 147 293 21609 85849 43071 9 48 81 2304 432 Total 945 1501 91191 225601 133660 Values of Mean, Standard deviation and Correlation coefficient: Mean of X is X¯=1n∑Xi =94715 =63.1 Mean of Y is Y¯=1n∑Yi =150115 =100 Standard deviation of X is σX2=1n∑Xi2-X¯2 =115×91191-63.12 =6079.4-3981.6 =2097.8σX =2097.8 =45.8 Standard deviation of Y is σY2=1n∑Yi2-Y¯2 =115×225601-1002 =15040.1-10000 =5040.1σY =5040.1 =70.9 Correlation coefficient between X and Y is: rX,Y=1n∑XY-X×YσXσY =115×133660-63.1×10045.8×70.9 =2600.73247.2 =0.8The regression equation of Y on X: The regression equation of Y on X is Y-Y=rσYσXX-X¯Y-100=0.8×70.945.8X-63.1Y-100=1.23X-63.1 Y^=1.23X-77.6+100 Y^=1.23X+22.4 Thus, the regression equation of Y on X is Y^=22.4+1.23x Predicted value: The predicted value of Gross when the budget is $140 millions is calculated as follows: Y^=22.4+1.23×140 =194.6 Thus, the best predicted amount of Grosse when the budget is $140 millions is 194.6 millions.