Hypothesis testing for population correlation coefficient and linear regression equation.
Listed below are annual income (in thousands of dollars) and the amount of life insurance (in thousands of dollars) of eight families of the same size.
|
Annual Income
|
10
|
13
|
15
|
18
|
21
|
24
|
27
|
30
|
|
Amount of insurance
|
15
|
12
|
25
|
20
|
25
|
30
|
35
|
32
|
Utilize a 0.05 significance level; determine if there is a linear correlation between annual income and the amount of insurance? What is the linear regression line for the data?