Consider the following sample data for the relationship between advertising budget and sales for Product A:
Observation | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
---|---|---|---|---|---|---|---|---|---|---|
Advertising ($) | 70,000 | 80,000 | 80,000 | 90,000 | 100,000 | 100,000 | 110,000 | 110,000 | 120,000 | 130,000 |
Sales ($) | 432,000 | 478,000 | 484,000 | 552,000 | 605,000 | 594,000 | 688,000 | 674,000 | 713,000 | 784,000 |
What is the R2 coefficient of determination value for the relationship between advertising and sales?
Please round your answer to the nearest hundredth.
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