Use the Following to Answer Questions 5 - 8 - $$\text { Find the value of } R ^ { 2 } \text {. Interpret its meaning in this context. }$$

Use the following to answer questions 5 - 8.
To determine whether the cash bonus paid by a company is related to annual pay, data
were gathered for 10 account executives at Johnson Financial Group who received cash
bonuses in 2007. The data, scatterplot, and summary statistics are shown below. $$\begin{array} { | l | l | l | } \hline & \text { ANNUAL PAY } & \text { CASH BONUS } \\\hline & \$ 70609 & \$ 11225 \\\hline & \$ 58487 & \$ 6238 \\\hline & \$ 104561 & \$ 14194 \\\hline & \$ 43922 & \$ 4188 \\\hline & \$ 82613 & \$ 11863 \\\hline & \$ 116250 & \$ 13671 \\\hline & \$ 76751 & \$ 7758 \\\hline & \$ 68513 & \$ 20760 \\\hline & \$ 137000 & \$ 55000 \\\hline & \$ 94469 & \$ 34368 \\\hline & & \\\hline \text { Mean } & \$ 85318 & \$ 17927 \\\hline \text { Standard Deviation } & \$ 28077 & \$ 15618 \\\hline & & \\\hline \text { Correlation } & 0.735 & \\\hline\end{array}$$
- $$\text { Find the value of } R ^ { 2 } \text {. Interpret its meaning in this context. }$$