Cape May Really manages rental beach properties during the summer season for pro

Question

Cape May Really manages rental beach properties during the summer season for property owners. They would like to determine if a relationship exists between the square footage of beach property and the weekly rental rates during the summer season. Simple regression analysis was performed using a random sample of beach properties with the results shown below. The percentage of the variation in weekly rental that is explained by the square footage of the property is______% 75.02 85.02 73.12 80.99 78.46

Explanation / Answer

It is the value of R2   that is used to explain the variation in dependent variable by independent variable. Value of R2   in a given problem is 70.52% that explains the variation in weekly rental (dependent variable) due to square footage of the beach property (Independent variable).

(Though, it is not given as an answer choice)

Thus, Value of Multiple R = 73.12% can be taken as percentage variation explained.

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