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 ModifyingAbove y=0.982x−9.080. Complete parts a and b.   Money​ raised, x 472.2 669.3 734.5 783.9 794.4 1034.8 974.9 1202.2   Money​ spent, y 430.3 677.4 731.9 764.1 748.9 1023.2 942.4 1157.9 ​(a) Find the coefficient of determination and interpret the result.   (Blank) ​(Round to three decimal places as​ needed.)   How can the coefficient of determination be​ interpreted?     A. The coefficient of determination is the fraction of the variation in money spent that can be explained by the variation in money raised. The remaining fraction of the variation is unexplained and is due to other factors or to sampling error.   B. The coefficient of determination is the fraction of the variation in money spent that is unexplained and is due to other factors or sampling error. The remaining fraction of the variation is explained by the variation in money raised. ​ (b) Find the standard error of estimate se and interpret the result.   (Blank) ​(Round to three decimal places as​ needed.)

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A:

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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.