Explanation Given: The data of “the average amount of student loan debt” consider from Internet or library. Calculation: Consider the Data from Federal Reserve Bank of New York. The average amount of student loan debt form the year 2004 to 2016 is as, $ 346 , $ 479 , $ 633 , $ 803 , $ 959 , $ 1154 and $ 1480 (in billions) to the corresponding years 2004 , 2006 , 2008 , 2010 , 2012 , 2014 and 2016 . Thus, the representation of given information as, year Loan Debt ( $in billions ) 2004 346 2006 479 2008 633 2010 803 2012 959 2014 1154 2016 1480 The representation of above data in co-ordinate form as ( 2004 , 346 ) , ( 2006 , 479 ) , ( 2008 , 633 ) , ( 2010 , 803 ) , ( 2012 , 959 ) , ( 2014 , 1154 ) and ( 2016 , 1480 ) . The following steps are used to calculate correlation coefficient by use of TI-83 calculator

12th Edition

ISBN: 9780134773285

Author: MULLINS

Publisher: YUZU

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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.

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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 p…

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Chapter 2, Problem 5EP

To determine

To calculate: The correlation coefficient for the provided data.

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Chapter 2, Problem 4EP

Chapter 3.1, Problem 1CP

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