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An agent for the residential real estate company in large city would like to be capable to predict the monthly rental cost of apartments based upon the size of apartment. Data for the sample of 25 apartments in particular neighborhood are provided in worksheet Apartments in Excel workbook MATH302_Final.xls.  At the .05 level of significance find out if the correlation between rental cost and apartment size is significant.

A. No, there isn't a statistically significant linear relationship between monthly rental cost and apartment size, because sample correlation coefficient is less than .95.

B. Yes, there is the statistically significant linear relationship between monthly rental cost and apartment size, because p-value for this test is less than .0001.

C. Yes, there is the statistically significant linear relationship between monthly rental cost and apartment size, because the t-test value, 7.74, is greater than critical value 1.96.

D. Yes, there is the statistically significant linear relationship between monthly rental cost and apartment size, because sample correlation coefficient 0.85 exceeds 0.50.

Statistics and Probability, Statistics

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  • Reference No.:- M922663

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