How does the magnitude of r represent the strength of the correlation?

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Let’s look at it in this way. When r is 1 or –1, all the points fall exactly on the line of best fit. When r is greater than 0.5 or less than –0.5, the points are close to the line of best fit. When r is between 0 and 0.3 or between 0 and –0.3, the points are far from the line of best fit. When r is 0, a line of best fit is not helpful in describing the relationship between the variables.