Question

The amount of money in Tara's account with respect to the day of the month was recorded for 31 days. The correlation coefficient was calculated to be r = −0.9870. Interpret the meaning of the correlation coefficient in terms of the scenario.

There is a weak, negative correlation between the amount of money in Tara's account and the day of the month.
There is a strong, positive correlation between the day of the month and the amount of money in Tara's account.
There is a strong, negative correlation between the amount of money in Tara's account and the day of the month.
There is a weak, positive correlation between the day of the month and the amount of money in Tara's account.
There is no correlation between the amount of money in Tara's account and the day of the month.

Answer 1

There is a strong, negative correlation between the amount of money in Tara's account and the day of the month.

Explanation:

r is between -1 and +1. r values close to -1 are strongly negative. r values close to +1 are strongly positive. r values close to 0 are weak.

r = -0.9870 is strongly negative. So there is a strong, negative correlation between the amount of money in Tara's account and the day of the month.