"Nothing succeeds like success" is an old adage in the advertising business. The president of a multiline auto dealership has observed that sales staff who earn the biggest end-of-year bonus are the ones who are most likely to exceced their quota for sales in the following year (and hence earn another bonus). Last Year's Bonus (s thousands) 7.8 6,9 6,7 6.0 6.9 5.2 This Year's Sales Over Quota 64 73 42 49 71 46 Last Year's Bonus (S thousands) 6,3 8.4 7.2 10.1 10.8 7.7 This Year's Sales Over Quota 32 88 53 84 85 93 (a) Develop the line of best fit to describe these data. (b) Calculate the standard error of estimate for the relationship. (c) Develop an approximate 90 percent confidence interval for predicting the sales over quota for a sales staff member who earned a bonus of $9,600 last year.
"Nothing succeeds like success" is an old adage in the advertising business. The president of a multiline auto dealership has observed that sales staff who earn the biggest end-of-year bonus are the ones who are most likely to exceced their quota for sales in the following year (and hence earn another bonus). Last Year's Bonus (s thousands) 7.8 6,9 6,7 6.0 6.9 5.2 This Year's Sales Over Quota 64 73 42 49 71 46 Last Year's Bonus (S thousands) 6,3 8.4 7.2 10.1 10.8 7.7 This Year's Sales Over Quota 32 88 53 84 85 93 (a) Develop the line of best fit to describe these data. (b) Calculate the standard error of estimate for the relationship. (c) Develop an approximate 90 percent confidence interval for predicting the sales over quota for a sales staff member who earned a bonus of $9,600 last year.
Chapter9: Sequences, Probability And Counting Theory
Section9.7: Probability
Problem 51SE: Use the following scenario for the exercises that follow: In the game of Keno, a player starts by...
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Transcribed Image Text:"Nothing succeeds like success" is an old adage in the advertising business. The president of a
multiline auto dealership has observed that sales staff who earn the biggest end-of-year bonus
are the ones who are most likely to exceed their quota for sales in the following year (and
hence earn another bonus).
Last Year's Bonus (S thousands)
7.8
6.9
6.7
6.0
6.9 5.2
This Year's Sales Over Quota
64
73
42
49
71
46
Last Year's Bonus (S thousands)
6,3
8.4
7.2
10.1
10.8
7.7
This Year's Sales Over Quota
32
88
53
84
85
93
(a) Develop the line of best fit to describe these data.
(b) Calculate the standard error of estimate for the relationship.
(c) Develop an approximate 90 percent confidence interval for predicting the sales over quota
for a sales staff member who earned a bonus of $9,600 last year.
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