Waterbury Insurance Company wants to study the relationship between the amount of fire damage and the distance between t

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Waterbury Insurance Company wants to study the relationship between the amount of fire damage and the distance between t

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Waterbury Insurance Company Wants To Study The Relationship Between The Amount Of Fire Damage And The Distance Between T 1
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Waterbury Insurance Company wants to study the relationship between the amount of fire damage and the distance between the burning house and the nearest fire station. This information will be used in setting rates for insurance coverage. For a sample of 30 claims for the last year, the director of the actuarial department determined the distance from the fire station (x) and the amount of fire damage, in thousands of dollars (). ANOVA table Source Regression Residual Total Regression output Variables Intercept Distance-X SS 1,885.5782 1,285.4934 3,171.0716 Coefficients 13.26045 6.3279 df 1 28 29 Standard Error 3.1942 8.9874 MS 1,885.5782 41.07 45.9105 t(df=28) 2.481 6.41
b. How much damage would you estimate for a fire 9 miles from the nearest fire station? (Round your answer to the nearest dollar amount.) Estimated damage c-1. Determine the coefficient of determination. (Round your answer to 3 decimal places.) Coefficient of determination.
c-2. Interpret the coefficient of determination. (Round your answer to one decimal place.) % of the variation in damage is explained by variation in distance. d-1. Determine the correlation coefficient. (Round your answer to 3 decimal places.) Correlation coefficient
52 25 e-1. State the decision rule for 0.01 significance level: He: p= 0; H₁: p#0 (Negative value should be indicated by a minus sign Round your answers to 3 decimal places.) Reject Ho if t< or > e-2. Compute the value of the test statistic. (Round your answer to 2 decimal places.) Value of the test statistic
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