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Describe: (1) every component of the equation for calculating a correlation coefficient; (2) the purpose of each component; (3) what kind...

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Basic Math

Describe:(1)every componentof the equation for calculating a correlationcoefficient; (2) thepurpose of each component; (3) whatkind of data you would use this equation on; and(4)how touse theequation onrawdata.

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Solution The formula or equation for correlation coefficient is given by r Cov XY sqrtVar X sqrtVar Y Answer of 1 and 2 r denotes the correlation coefficient between two variables X and Y CovXY denotes    See Answer
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