Final answer:
The coefficient of determination, r², represents the percentage of variation in the dependent variable that can be explained by the variation in the independent variable using the regression line.
Step-by-step explanation:
The coefficient of determination, r², when expressed as a percentage, represents the percentage of variation in the dependent (predicted) variable y that can be explained by variation in the independent (explanatory) variable x using the regression (best-fit) line.
Example: If the coefficient of determination, r², is 0.75, this means that 75% of the variation in the dependent variable can be explained by the variation in the independent variable using the regression line.