According to a flyer by a Prudential Insurance Company representative, the costs

Question

According to a flyer by a Prudential Insurance Company representative, the costs of approximate probate fees and taxes for selected net taxable estates are as follows:

Part (a)

Decide which variable should be the independent variable and which should be the dependent variable. A or B

a. Independent: approximate probate fees and taxes;

b. Dependent: net taxable estateIndependent: net taxable estate; Dependent: approximate probate fees and taxes    

Part (b)

Make a scatter plot of the data.

Part (c)

Does it appear from inspection that there is a relationship between the variables? Yes or NO

Yes, it appears that the approximate probate fees and taxes increase as the net taxable estate amounts increase.

No, there is no visible relationship between the variables.   

Net Taxable Estate ($) Approximate Probate Fees and Taxes ($) 600,000 30,000 750,000 92,500 1,000,000 203,000 1,500,000 438,000 2,000,000 688,000 2,500,000 1,037,000 3,000,000 1,350,000 Fees and Taxes (in thousands) 12001 1000 800 600 400 200 Estate 3.0 (in millions) 1.0 1.5 2.0 2.5

Explanation / Answer

Independent: net taxable estate

Dependent: approximate probate fees and taxes   

b) Option A Scatter Plot is Correct

Part c) Yes, it appears that the approximate probate fees and taxes increase as the net taxable estate amounts increase.

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