I need help in solving the following Case in Excel using correlation equation:.
I need support with this Excel question so I can learn better.
A major oil company is studying the relationship between the daily traffic count and the number of gallons of gasoline pumped at company stations. A sample of eight company owned stations is selected and the following information obtained:
a. Develop a scatter diagram with the amount of gasoline pumped as the dependent variable X and traffic as Y.
b. Display the correlation equation.
c. What is coefficient of correlation? Compute the coefficient of determination.
d. Interpret the meaning of the coefficient of determination.