The formula to calculate the correlation coefficient \( r \) is given by:
\[
r = \frac{\text{Cov}(X,Y)}{\sigma_X \sigma_Y}
\]
Where:
- \( \text{Cov}(X,Y) = 0.24 \)
- \( \sigma_X = 1.0 \)
- \( \sigma_Y = 0.8709 \)
Substituting the values, we find:
\[
r = \frac{0.24}{1.0 \cdot 0.8709} = 0.2756
\]
The means of \( x \) and \( y \) are calculated as follows:
\[
\bar{x} = \frac{1}{n} \sum_{i=1}^{n} x_i = 16.0
\]
\[
\bar{y} = \frac{1}{n} \sum_{i=1}^{n} y_i = 15.9533
\]
To find the slope \( \beta \) and intercept \( \alpha \) of the regression line, we first calculate the numerator and denominator for \( \beta \):
Numerator for \( \beta \):
\[
\sum_{i=1}^{n} x_i y_i - n \bar{x} \bar{y} = 766.24 - 3 \cdot 16.0 \cdot 15.9533 = 0.48
\]
Denominator for \( \beta \):
\[
\sum_{i=1}^{n} x_i^2 - n \bar{x}^2 = 770 - 3 \cdot 16.0^2 = 2.0
\]
Now, we can calculate the slope \( \beta \):
\[
\beta = \frac{0.48}{2.0} = 0.24
\]
Next, we calculate the intercept \( \alpha \):
\[
\alpha = \bar{y} - \beta \bar{x} = 15.9533 - 0.24 \cdot 16.0 = 12.1133
\]
The equation of the line of best fit is given by:
\[
y = \alpha + \beta x = 12.1133 + 0.24x
\]
Based on the calculated correlation coefficient \( r = 0.2756 \), we conclude that there is weak evidence to support the claim that there is a linear correlation between the variables.