A study was conducted to explore for any possible correlation that may exist bet
ID: 2948263 • Letter: A
Question
A study was conducted to explore for any possible correlation that may exist between age and net wealth. Data was collected from 25 subjects. Kuya wishes to anticipate his net wealth when he turns 65. What would you advise him (other than not to worry about net wealth!) of his predicted net wealth? Data can be found in the wealth tab.
The appropriate test for this problem is:
correlation
regression
multiple regression
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Question 21 pts
The obtained statistic is:
- .41
.41
- .04
.04
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Question 31 pts
The associated p value is:
.851
.158
.581
.015
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Question 41 pts
Decision is:
reject the null
retain the null
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Question 51 pts
Conclusion is (closest answer due to rounding error):
predicted net wealth is 3.0
predicted net wealth is 33.3
predicted net wealth is 6.3
no prediction can be drawn
AGE WEALTH (millions) 73 4.0 65 3.0 53 2.5 54 1.3 79 4.4 69 3.3 61 3.1 70 3.5 68 1.7 72 2.9 55 5.4 52 4.4 77 3.9 69 2.7 64 5.8 72 4.7 60 4.5 72 4.9 65 3.1 70 4.3 68 5.0 74 3.8 55 6.9 53 5.8 77 5.6Explanation / Answer
Sol:
Insall anaysis tool pack ine xcel
Go to data>Data analysis>Correlation
We can see
r=-0.040
there exists a weak negative relatonship between age and wealth
Form linear
Strength:weak
Direction :negative
Then conduct regression inexcel
data >data analysis>regression.
select data range.
X-age
Y-Weath
click ok
You get below output:
wealth=4.445935-0.00647*age
for age=65
Wealth=4.445935-0.00647*65
wealth =4.025385
Residual =obsevedwealth-predicted wealth for x=65
=3-4.025385
=-1.025
observed is more than predicted .
There is error in prediction.
Anot accurately predicted
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