QuestionUse the time/tip data from the table below, which includes data from New York City taxi rides. (The distances are in miles, the times are in minutes, the fares are in dollars, and the tips are in dollars.) Find the regression equation, letting time be the predictor ( x ) variable. Find the best predicted tip for a ride that takes 22 minutes. How does the result compare to the actual tip amount of $\$ 5.05$ ? Use a significance level of 0.05 . \begin{tabular}{l|cccccccc} Distance & 1.02 & 0.68 & 1.32 & 2.47 & 1.40 & 1.80 & 8.51 & 1.65 \\ \hline Time & 8.00 & 6.00 & 8.00 & 18.00 & 18.00 & 25.00 & 31.00 & 11.00 \\ \hline Fare & 7.80 & 6.30 & 7.80 & 14.30 & 12.30 & 16.30 & 31.75 & 9.80 \\ \hline Tip & 2.34 & 1.89 & 0.00 & 4.29 & 2.46 & 1.50 & 2.98 & 1.96 \end{tabular}
The regression equation is $\hat{y}=$ $\square$ $+$ $\square$ $x$. (Round the $y$-intercept to two decimal places as needed. Round the slope to four decimal places as needed.)