The following table lists monthly life insurance premiums for a $500,000 policy for females of various ages. Use the table to answer parts (a)-(c). Age Monthly Premium 35 40 45 50 55 60 65 70 $10 18 20 23 33 55 96 162 a) Use regression to find a cubic polynomial function L that can be used to estimate the monthly life insurance premium for a female of age x. (Use integers or decimals for any numbers in the expression. Round to five decimal places as needed.)

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Correlation

Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.

Linear Correlation

A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related. 

Regression Analysis

Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.