Step 1 :Given the sum of squares of regression (SSR) as 740.1 and the total sum of squares (SST) as 961.2.
Step 2 :The coefficient of determination, denoted R^2, is a key output of regression analysis. It is interpreted as the proportion of the variance in the dependent variable that is predictable from the independent variable(s).
Step 3 :R^2 is computed as the ratio of the sum of squares of regression (SSR) to the total sum of squares (SST). So, we can calculate R^2 as SSR/SST.
Step 4 :Substitute the given values into the formula: R^2 = SSR/SST = 740.1/961.2 = 0.7699750312109862
Step 5 :Rounding to three decimal places, we get R^2 = 0.770
Step 6 :Final Answer: The value of R^2, rounded to three decimal places, is \(\boxed{0.770}\)