A social scientist would like to analyze the relationship between educational attainment (in years of higher education) and annual salary (in $1,000s). The accompanying data file contains relevant data. Click here for the Excel Data File a. Find the sample regression equation for the model: Salary = Bo + B₁Education + ε. Note: Round your answers to 2 decimal places. Answer is not complete. Predicted Salary = Education AutoSave G Home Insert Draw P G Paste X A₁ Font Al A1 fx s A 1 Salary B Education C 241 3 349 4 4 79 6 5 43 2 6 70 5 7 49 4 8 110 8 9 39 0 3 4 6 2 14 72 5 15 59 4 16 142 8 17 40 0 18 76 5 19 67 4 20 126 8 21 40 0 b. Interpret the coefficient for Education. As Education increases by 1 year, an individual's annual salary is predicted to increase by about $10,850. As Education increases by 1 year, an individual's annual salary is predicted to increase by about $22,313. As Education increases by 1 year, an individual's annual salary is predicted to increase by about $11,464. As Education increases by 1 year, an individual's annual salary is predicted to increase by about $33,162. c. What is the predicted salary (in $1,000s) for an individual who completed 7 years of higher education? Note: Do not round intermediate calculations. Round your final answer to nearest whole number. 10 42 11 57 12 85 13 39 Answer is not complete. Salary (in $1,000s) Education + Ready Accessibility: God

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A social scientist would like to analyze the relationship between educational attainment (in years of higher education) and annual
salary (in $1,000s). The accompanying data file contains relevant data.
Click here for the Excel Data File
a. Find the sample regression equation for the model: Salary = Bo + B₁Education + ε.
Note: Round your answers to 2 decimal places.
Answer is not complete.
Predicted Salary =
Education
AutoSave
G
Home
Insert Draw
P
G
Paste
X
A₁
Font
Al
A1
fx s
A
1 Salary
B
Education
C
241
3
349
4
4
79
6
5 43
2
6 70
5
7 49
4
8
110
8
9 39
0
3
4
6
2
14 72
5
15 59
4
16 142
8
17 40
0
18 76
5
19 67
4
20 126
8
21 40
0
b. Interpret the coefficient for Education.
As Education increases by 1 year, an individual's annual salary is predicted to increase by about $10,850.
As Education increases by 1 year, an individual's annual salary is predicted to increase by about $22,313.
As Education increases by 1 year, an individual's annual salary is predicted to increase by about $11,464.
As Education increases by 1 year, an individual's annual salary is predicted to increase by about $33,162.
c. What is the predicted salary (in $1,000s) for an individual who completed 7 years of higher education?
Note: Do not round intermediate calculations. Round your final answer to nearest whole number.
10 42
11 57
12 85
13 39
Answer is not complete.
Salary (in $1,000s)
Education
+
Ready Accessibility: God
Transcribed Image Text:A social scientist would like to analyze the relationship between educational attainment (in years of higher education) and annual salary (in $1,000s). The accompanying data file contains relevant data. Click here for the Excel Data File a. Find the sample regression equation for the model: Salary = Bo + B₁Education + ε. Note: Round your answers to 2 decimal places. Answer is not complete. Predicted Salary = Education AutoSave G Home Insert Draw P G Paste X A₁ Font Al A1 fx s A 1 Salary B Education C 241 3 349 4 4 79 6 5 43 2 6 70 5 7 49 4 8 110 8 9 39 0 3 4 6 2 14 72 5 15 59 4 16 142 8 17 40 0 18 76 5 19 67 4 20 126 8 21 40 0 b. Interpret the coefficient for Education. As Education increases by 1 year, an individual's annual salary is predicted to increase by about $10,850. As Education increases by 1 year, an individual's annual salary is predicted to increase by about $22,313. As Education increases by 1 year, an individual's annual salary is predicted to increase by about $11,464. As Education increases by 1 year, an individual's annual salary is predicted to increase by about $33,162. c. What is the predicted salary (in $1,000s) for an individual who completed 7 years of higher education? Note: Do not round intermediate calculations. Round your final answer to nearest whole number. 10 42 11 57 12 85 13 39 Answer is not complete. Salary (in $1,000s) Education + Ready Accessibility: God
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