For 10 paired observations, ∑x=50\sum x=50∑x=50, ∑y=80\sum y=80∑y=80, ∑x2=290\sum x^2=290∑x2=290, ∑y2=700\sum y^2=700∑y2=700 and ∑xy=430\sum xy=430∑xy=430.
Calculate and interpret the product-moment correlation coefficient.