Problem # 3. A random sample of 8 office staffs hired within the last year was selected from a large corporation. For each selected office staff, his or her experience (in months) at the time of hire and starting salary were recorded. The data is given in the table below. Experience (in months) 13 6 8 10 20 7 9 15 Starting Salary (in P000s) 20 14 16 19 21 12 13 21 Determine the regression equation. Solve for the sum of squares for error, standard error, coefficient of determination. Find the 99% confidence interval for all months for the 10th month. Determine a 99% prediction interval for the 10th month. faluti
Problem # 3. A random sample of 8 office staffs hired within the last year was selected from a large corporation. For each selected office staff, his or her experience (in months) at the time of hire and starting salary were recorded. The data is given in the table below. Experience (in months) 13 6 8 10 20 7 9 15 Starting Salary (in P000s) 20 14 16 19 21 12 13 21 Determine the regression equation. Solve for the sum of squares for error, standard error, coefficient of determination. Find the 99% confidence interval for all months for the 10th month. Determine a 99% prediction interval for the 10th month. faluti
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter3: Straight Lines And Linear Functions
Section3.CR: Chapter Review Exercises
Problem 15CR: Life Expectancy The following table shows the average life expectancy, in years, of a child born in...
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Transcribed Image Text:Problem # 3. A random sample of 8 office staffs hired within the last year was selected from a large
corporation. For each selected office staff, his or her experience (in months) at the time of hire and
starting salary were recorded. The data is given in the table below.
Experience (in months)
13
6
8
10
20
7
9 15
Starting Salary (in P000s)
20
14 16
19
21
12 13 21
Determine the regression equation. Solve for the sum of squares for error, standard error, coefficient of
determination. Find the 99% confidence interval for all months for the 10th month. Determine a 99%
prediction interval for the 10th month.
Solution:
Complete the table.
X
Y
X²
XY
(Y-8)²
(Y-8)²
13
20
6
14
8
16
10
19
20
21
7
12
9
13
15
21
Solve for the following:
ΣΧ=
ΣΧ =
ΣΥΞ
ZY²=
(Y-9)²=
Slope (b₁)=,
Simple Linear Regression Equation (Y=b₂x + b₂)
Standard Error of Estimate (SE):
Coefficient Determination (r):
Confidence Interval:
X =
ΣΧΥ =
Σ(Y - 9)² =
Intercept (bo) =
Prediction Interval:
Y =
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