Problem #8. Correlation

Use the data provided for Problem#6. What is the correlation between the transaction value and the customer’s age? Compute the correlation value and comment on what the correlation indicates about the relationship between age and transaction value.

Problem #9. Scatter Plot (Scatter Diagram) 

Use the data provided in Problem#6. Explore the relationship between the transaction value and the customer’s age by preparing a scatter plot (scatter diagram). Use the chart functions in Excel to prepare a scatter plot. Age should be on the horizontal axis. Transaction value should be on the vertical axis.

Problem #10. Trend Line

Fit a trend line to the scatter plot prepared in Problem#9. Determine the equation and the coefficient of determination (R-squared or R2) of the trend line. Display the equation and the R-squared values on the scatter plot.

Data #8, #9, #10