Step 1 :The Pearson correlation coefficient, r, measures the strength and direction of the linear relationship between two variables. The value of r is always between -1 and 1. In this case, we are given r=0.612, which indicates a moderate positive correlation.
Step 2 :The level of significance, α, is the probability of rejecting the null hypothesis when it is true. In this case, α=0.05, which means there is a 5% chance of rejecting the null hypothesis when it is true.
Step 3 :The sample size, n, is the number of observations in our sample. In this case, n=10.
Step 4 :To determine whether the correlation coefficient is statistically significant, we need to compare the absolute value of r to the critical value from the table of critical values of the Pearson correlation coefficient. If the absolute value of r is greater than the critical value, then the correlation is statistically significant.
Step 5 :The critical value for a two-tailed test with α=0.05 and n=10 is approximately 0.632.
Step 6 :The absolute value of the correlation coefficient, 0.612, is less than the critical value, 0.632. Therefore, the correlation is not statistically significant at the 0.05 level of significance for a sample size of 10.
Step 7 :Final Answer: The correlation is not statistically significant at the 0.05 level of significance for a sample size of 10. Therefore, the critical value to the nearest thousandth is \(\boxed{0.632}\).