For Problems, presume that the variables student-to-faculty ratio and graduation rate satisfy the assumptions for regression inferences. Graduation Rates. Refer to Problems and. a. Find a point estimate for the mean graduation rate of all universities that have a student-to-faculty ratio of 17.b. Determine a 95% confidence interval for the mean graduation rate of all universities that have a student-to-faculty ratio of 17.ProblemsApplying the Concepts and SkillsGraduation Rates. Graduation rate—the percentage of entering freshmen attending full time and graduating within 5 years— and what influences it is a concern in U. S. colleges and universities. U. S. News and World Report’s "College Guide" provides data on graduation rates for colleges and universities as a function of the percentage of freshmen in the top 10% of their high school class, total spending per student, and student-to-faculty ratio. A random sample of 10 universities gave the following data on student-to-faculty ratio (S/F ratio) and graduation rate (Grad rate).S/F ratio x Grad rate y S/F ratio x Grad rate y16 45 17 4620 55 17 5017 70 17 6619 50 10 2622 47 18 60Discuss what satisfying the assumptions for regression inferences would mean with student-to-faculty ratio as the predictor variable and graduation rate as the response variable. ProblemsGraduation Rates. Refer to Problem 11.a. Determine the regression equation for the data. b. Compute and interpret the standard error of the estimate. c. Presuming that the assumptions for regression inferences are met, interpret your answer to part (b).