Instruction 13-8
You Worked as an Intern at We Always

question 192

Short Answer

Instruction 13-8
You worked as an intern at We Always Win Car Insurance Company last summer.You notice that individual car insurance premium depends very much on the age of the individual,the number of traffic tickets received by the individual,and the population density of the city in which the individual lives.You performed a regression analysis in Microsoft Excel and obtained the following information:
$\begin{array}{l}\text { Regression Analysis }\\\begin{array}{lr}\hline {\text { Regression Statistics }} \\\hline \text { Multiple R } & 0.63 \\\text { R Square } & 0.40 \\\text { Adjusted R Square } & 0.23 \\\text { Standard Error } & 50.00 \\\text { Observations } & 15.00 \\\hline\end{array}\end{array}$
ANOVA
$\begin{array}{lrrrrrr}\hline & d f & & S S & M S & F & \text { Significance } F \\\hline \text { Regression } & 3 & & 5994.24 & 2.40 & 0.12 \\\text { Residual } & 11 & 27496.82 & & & \\\text { Total } & & & 45479.54 & & & \\\hline\end{array}$

$\begin{array}{lrrrrrrr}\hline & \text { Coefficients } & \begin{array}{c}\text { Standard } \\\text { Error }\end{array} & t \text { Stat } & P \text {-value } & \text { Lower 99.0\% } & \text { Upper 99.0\% } \\\hline \text { Intercept } & 123.80 & 48.71 & 2.54 & 0.03 & -27.47 & 275.07 \\\text { AGE } & -0.82 & 0.87 & -0.95 & 0.36 & -3.51 & 1.87 \\\text { TICKETS } & 21.25 & 10.66 & 1.99 & 0.07 & -11.86 & 54.37 \\\text { DENSITY } & -3.14 & 6.46 & -0.49 & 0.64 & -23.19 & 16.91 \\\hline\end{array}$
-Referring to Instruction 13-8,to test the significance of the multiple regression model,the p-value of the test statistic in the sample is ________.

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Definitions:

Carbon Dioxide Retention

A condition in which the lungs are unable to effectively expel carbon dioxide, leading to increased levels in the blood.

Cardiac Output

The volume of blood the heart pumps through the circulatory system in one minute, an important measure of heart function.

Gastric Acid

A highly acidic solution produced by the glands in the stomach, essential for digestion and killing ingested pathogens.

Differential White

A blood test that measures the percentage of each type of white blood cell present in the blood and can reveal conditions such as infections, inflammation, and leukemias.