What is the predicted bi-annual salary in dollars of an employee with 5 years of experience and a bachelor’s degree
Suppose that researchers are interested in determining the bi-annual salary of statisticians of different levels using their years of experience and their education level (M = bachelors, P = doctorate). They fit the following model to a dataset that includes these variables and, after performing the proper steps of multiple linear regression, the following multiple linear regression model is obtained:
yˆ = 42308 + 323x1 + 213x2 + 301(x1*x2)
where the variables are as follows:
yˆ = predicted bi−annual salary in dollars, x1 = number of years of experiencex2= {1 if the education level is a doctorate 0 if the education level is a bachelors
What is the predicted bi-annual salary in dollars of an employee with 5 years of experience and a bachelor’s degree?
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