An interesting marketing research effort has recently been reported, which incorporates within the variables that predict consumer satisfaction from a product not only attributes of the product itself but also characteristics of the consumer who buys the product. In particular, a regression model was developed, and found successful, regressing consumer satisfaction S on a consumer's materialism M measured on a psychologically devised scale.

For satisfaction with the purchase of sunglasses, the estimate of beta, the slope of S with respect to M,was b = 2.20. The reported t statistic was 2.53. The sample size was n = 54.7 Is this regression statistically significant? Explain the findings.