The booming economy of the 1990s created many new billionaires. The 1999 Forbes 400 ranks the 400 wealthiest people in the US. The top 15 billionaires on this list are described in the table above right.
a. Construct a scattergram for these data. What does I the plot suggest about the relationship between age and net worth of billionaires?
b. Find the coefficient of correlation and explain what it tells you about the relationship between age and net worth.
C. If the correlation coefficient of part b had the opposite sign, how would that change your interpretation of the relationship between age and net worth?
d. Find the coefficient of determination for a straight line model relating net worth (y) to age (x). Interpret the result in the words of the problem