The money raised and spent (both in millions of dollars) by all congressional campaigns for 8 recent 2-year periods are shown in the table. The equation of the regression line is y = 0.949x + 19.129. Find the coefficient of determination and interpret the result. Money raised, x Money spent, y 464.2 661.7 742.5 777.2 778.3 1036.1 961.2 1219.1 425.4 684.8 739.1 770.9 730.9 1004.7 944.7 1156.6 Find the coefficient of determination and interpret the result. (Round to three decimal places as needed.)
The money raised and spent (both in millions of dollars) by all congressional campaigns for 8 recent 2-year periods are shown in the table. The equation of the regression line is y = 0.949x + 19.129. Find the coefficient of determination and interpret the result. Money raised, x Money spent, y 464.2 661.7 742.5 777.2 778.3 1036.1 961.2 1219.1 425.4 684.8 739.1 770.9 730.9 1004.7 944.7 1156.6 Find the coefficient of determination and interpret the result. (Round to three decimal places as needed.)
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![The dataset presented below details the amounts of money raised and spent (both in millions of dollars) by all congressional campaigns over 8 recent 2-year periods. A linear regression analysis has been performed on this data, resulting in the following equation for the regression line:
\[
\hat{y} = 0.949x + 19.129
\]
Your task is to find and interpret the coefficient of determination \( r^2 \).
### Money Raised and Spent
| Period | Money Raised, \( x \) | Money Spent, \( y \) |
|--------|--------------------|-------------------|
| 1 | 464.2 | 425.4 |
| 2 | 661.7 | 684.8 |
| 3 | 742.5 | 739.1 |
| 4 | 777.2 | 770.9 |
| 5 | 778.3 | 730.9 |
| 6 | 1036.1 | 1004.7 |
| 7 | 961.2 | 944.7 |
| 8 | 1219.1 | 1156.6 |
### Task
**Find the coefficient of determination and interpret the result.**
\[ r^2 = \text{(Round to three decimal places as needed.)} \]
The coefficient of determination \( r^2 \) provides the proportion of the variance in the dependent variable that is predictable from the independent variable. A value closer to 1 indicates a strong relationship, while a value closer to 0 suggests a weaker relationship.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3df97ab4-6262-4c33-b8aa-4d9fb25466b6%2F070c5a3a-fda1-4961-9532-a6aba639e21c%2Fk6tufe_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The dataset presented below details the amounts of money raised and spent (both in millions of dollars) by all congressional campaigns over 8 recent 2-year periods. A linear regression analysis has been performed on this data, resulting in the following equation for the regression line:
\[
\hat{y} = 0.949x + 19.129
\]
Your task is to find and interpret the coefficient of determination \( r^2 \).
### Money Raised and Spent
| Period | Money Raised, \( x \) | Money Spent, \( y \) |
|--------|--------------------|-------------------|
| 1 | 464.2 | 425.4 |
| 2 | 661.7 | 684.8 |
| 3 | 742.5 | 739.1 |
| 4 | 777.2 | 770.9 |
| 5 | 778.3 | 730.9 |
| 6 | 1036.1 | 1004.7 |
| 7 | 961.2 | 944.7 |
| 8 | 1219.1 | 1156.6 |
### Task
**Find the coefficient of determination and interpret the result.**
\[ r^2 = \text{(Round to three decimal places as needed.)} \]
The coefficient of determination \( r^2 \) provides the proportion of the variance in the dependent variable that is predictable from the independent variable. A value closer to 1 indicates a strong relationship, while a value closer to 0 suggests a weaker relationship.
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