Mr. James McWhinney, president of Daniel-James Financial Services, believes there is a relationship between the number of client contacts and the dollar amount of sales. To document this assertion, Mr. McWhinney gathered the following sample information. The x column indicates the number of client contacts last month and the y column shows the value of sales ($ thousands) last month for each client sampled. (Round your answers to 3 decimal places.) Number of Contacts, x Sales ($ thousands), y Number of Contacts, x Sales ($ thousands), y 14 24 23 30 12 14 48 90 20 28 50 85 16 30 55 120 46 80 50 110 a. Determine the 95% confidence interval, in thousands of dollars, for the mean of all sales personnel who make 40 contacts. b. Determine the 95% prediction interval, in thousands of dollars, for a particular salesperson who makes 40 contacts
Mr. James McWhinney, president of Daniel-James Financial Services, believes there is a relationship between the number of client contacts and the dollar amount of sales. To document this assertion, Mr. McWhinney gathered the following sample information. The x column indicates the number of client contacts last month and the y column shows the value of sales ($ thousands) last month for each client sampled. (Round your answers to 3 decimal places.)
| Number of Contacts, x |
Sales ($ thousands), y |
Number of Contacts, x |
Sales ($ thousands), y |
||||
| 14 | 24 | 23 | 30 | ||||
| 12 | 14 | 48 | 90 | ||||
| 20 | 28 | 50 | 85 | ||||
| 16 | 30 | 55 | 120 | ||||
| 46 | 80 | 50 | 110 | ||||
a. Determine the 95% confidence interval, in thousands of dollars, for the mean of all sales personnel who make 40 contacts.
b. Determine the 95% prediction interval, in thousands of dollars, for a particular salesperson who makes 40 contacts.
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