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# The money raised and spent (both in millions of U.S. dollars) by all congressional campaigns for 8 recent 2 -year periods are shown in the table. The data can be modeled by the regression equation$\hat{y}$=0.943 x+21.541. Money raised, x 471.7 659.3 740.5 790.5 781.3 1047.3 969.5 1206.1 Money spent, y 446.3 680.2 725.2 765.3 740.4 1005.6 936.3 1156.8 Use the data to find thea) coefficient of determination and interpret the result,b) standard error of estimate $s_e$ and interpret the result.

Solution

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Step 1
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Given:

$\hat{y}=0.943x+21.541$

$n=8$

Determine the predicted value for each $x_i$.

Determine the squared difference between the observed $y$-value and the average $y_a$-value.

Determine the squared difference between the predicted $y$-value and the average $y_a$-value.

Determine the squared difference between the observed $y$-value and the predicted $y$-value.

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