FIN 330 Hours spent studying Scatterplot Of Data Paper

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wrazvyyre90

Business Finance

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Using Excel graph a scatterplot of the data. (4p)

Describe the type of correlation and interpret the correlation in the context of the data. Be specific in describing the magnitude, direction, and strength of the relationship.

Calculate the sample correlation coefficient for the data. (Pearson correlation coefficient between hours spent studying, x, and test score, y). (Round your final answer to three decimal places). (7p)


Show all work and outputs in excel as well as on each question. Can typed on word docs. The excel scatter plot must include all the outputs. All directions and questions are included in attachment below.

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FIN 330 Homework #5 100 Points possible Due: April 2, 2019 DIRECTIONS: Make sure your responses are neat and readable. You must show me your calculation in a separate piece of paper. Homework that is difficult to grade due to messiness will be returned ungraded. If you would like to get full credit, do not forget to attach the Excel output. The number of hours 9 students spent studying for a test and their scores on that test is represented in the table below. Hours spent studying, x 0 2 4 5 5 5 6 7 8 Test scores, y 40 51 64 69 73 75 93 90 95 1) Using Excel graph a scatterplot of the data. (4p) 2) Describe the type of correlation and interpret the correlation in the context of the data. Be specific in describing the magnitude, direction, and strength of the relationship. (6p) 3) Calculate the sample correlation coefficient for the data. (Pearson correlation coefficient between hours spent studying, x, and test score, y). (Round your final answer to three decimal places). (7p) 4) Write out the null and alternative hypotheses and conduct a hypothesis testing for the data. At the 5% level of significance, is your test statistic statistically significant? Briefly explain how you reached your conclusion. For this question you must state followings: degrees of freedom, one or two tailed hypothesis testing, the critical value, test statistic, do you reject or fail to reject the null hypothesis. (19p) 5) Find the equation of the regression line for the hours spent studying and test scores of students. Compute the a (intercept) and b(slope) values of the regression formula, ΕΆ = a + bX for predicting test scores variable from hours spent studying variable. Write the formula replacing a and b by their respective numerical values (round off each element in the final formula to three decimal places). (13p) 6) What is the predicted test score for a student who spent 3 hours for studying for the test. (5p) 7) What amount of the variance in test score (y) do the hours spent studying (x) account for this sample? (r2 =?) Interpret the result in the context of the data. (8p) 8) Calculate the standard error of the estimate (the unexplained variation around the regression line). (11p) 9) Use Excel to check the value of your hand calculated Pearson correlation coefficient (r), the values of your intercept (a) and slope (b), coefficient of determination (r2), and unexplained variation (residual) values. Circle and label each of these values on your output and turn in with this homework. (20p) 10) Would you conclude that hours of spent is a good predictor of a test score based upon this sample? What evidence do you have to support your conclusion? (7p)
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Explanation & Answer

Hello buddy! I have attached the answer in a word document for you. Also, there is an outline. :) Let me know if you have any edits or have any questions.

Last Name 1

Name
Instructor's name
Course
Date
Homework #5 Statistics
The number of hours 9 students spent studying for a test and their scores on that test is
represented in the table below.
Hours spent studying, x
Test scores, y

0

2

4

5

5

5

6

7

8

40

51

64

69

73

75

93

90

95

Question 1
Using Excel graph a scatterplot of the data. (4p)
Answer
The scatterplot for the data is as shown below:

Scatter Plot
100
90
80

Test scores, y

70
60
50
40
30
20
10
0
0

1

2

3

4

5

6

Hours spent studying, x

7

8

9

Last Name 2

Question 2
Describe the type of correlation and interpret the correlation in the context of the data. Be
specific in describing the magnitude, direction, and strength of the relationship. (6p)
Answer
The data has a strong positive linear correlation which is indicated by increase in the value
of the Test scores (y-variable) as a result of the increase in the value of the hours spent
studying (x-variable). The magnitude of the correlation is given by the correlation
coefficient (r=0.9685). The correlation is positive since the y-values increase as the xvalues increase. The correlation is almost perfect as indicated by the plot with all points
lying almost on a straight line on a scatter diagram and hence the strength is a strong
correlation (rβ‰ˆ1).
Question 3
Calculate the sample correlation coefficient for the data. (Pearson correlation coefficient
between hours spent studying, x, and test score, y). (Round your final answer to three
decimal places). (7p)
Answer
The table below is used to calculate the sample correlation coefficient for the data:
x

Y

π‘₯ βˆ’ π‘₯Μ…

0

40

-4.667 -

𝑦 βˆ’ 𝑦̅

(π‘₯ βˆ’ π‘₯Μ… )(𝑦 βˆ’ 𝑦̅)

(π‘₯ βˆ’ π‘₯Μ… )2

(𝑦 βˆ’ 𝑦̅)2

150.370

21.778

1038.272

56...


Anonymous
Really useful study material!

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