Robert has the following accounts on money spent on gambling and winnings:
Money Spent Money Won
(a) (3 points) Use Excel to fit the above data into a regression line Write the equation of the line.
(b) (2 points) Determine the correlation coefficient and the coefficient of determination, and interpret their
(c) (2 points) Use the regression equation to forecast Robert's money won when $5000 is spent.
(d) (2 points) Include a graph consisting of the above data points and the regression line.
The expert examines a regression analysis to provide a coefficient graph for gambling and winnings. A complete, neat and step-by-step solution is provided in the attached Excel file.