Suppose the following table was generated from a sample of 2020 CEOs relating annual salary to years of experience and the industry in which they are employed. Indicator (dummy) variables were created for each industry (1 if the CEO works in that industry, 0 otherwise). The Manufacturing industry is considered the base-level industry. CoefficientsStandard Errort StatP-ValueIntercept136089.391879136089.3918794059.2370454059.23704533.52585533.5258550.0000000.000000Experience3522.7465883522.746588220.558598220.55859815.97193015.9719300.0000000.000000Financial8063.7816448063.7816444891.6297224891.6297221.6484861.6484860.1200340.120034Service−12825.673026−12825.6730264997.6845794997.684579−2.566323−2.5663230.0214910.021491Health Care16309.98615216309.9861525281.8143395281.8143393.0879513.0879510.0075000.007500According to the results, if a CEO in the Manufacturing industry and a CEO in the Health Care industry both have 33 years of experience, what is the estimated difference in annual salary between the two CEOs? Enter your answer below, rounded to two decimal places.

Answered: According to the results, if a CEO in…

Holt Mcdougal Larson Pre-algebra: Student Edition 2012

1st Edition

ISBN:9780547587776

Author:HOLT MCDOUGAL

Publisher:HOLT MCDOUGAL

Chapter11: Data Analysis And Probability

Section: Chapter Questions

Problem 8CR

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Suppose the following table was generated from a sample of 2020 CEOs relating annual salary to years of experience and the industry in which they are employed. Indicator (dummy) variables were created for each industry (1 if the CEO works in that industry, 0 otherwise). The Manufacturing industry is considered the base-level industry.

	Coefficients	Standard Error	t Stat	P-Value
Intercept	136089.391879136089.391879	4059.2370454059.237045	33.52585533.525855	0.0000000.000000
Experience	3522.7465883522.746588	220.558598220.558598	15.97193015.971930	0.0000000.000000
Financial	8063.7816448063.781644	4891.6297224891.629722	1.6484861.648486	0.1200340.120034
Service	−12825.673026−12825.673026	4997.6845794997.684579	−2.566323−2.566323	0.0214910.021491
Health Care	16309.98615216309.986152	5281.8143395281.814339	3.0879513.087951	0.0075000.007500

According to the results, if a CEO in the Manufacturing industry and a CEO in the Health Care industry both have 33 years of experience, what is the estimated difference in annual salary between the two CEOs? Enter your answer below, rounded to two decimal places.

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