Following is the gross pay for Ed for his first 8 years at his current job. Year Salary 10 $35,000 11 $36,814 12 $38,212 13 $42,870 14 $44,125 15 $48,532 16 $59,075 17 $60,785 a. What is the explanatory variable? b. What is the response variable? c. What is the equation of the line of best fit? d. What is R2? e. What does that mean? f. What is r? g. What does that mean? h. Estimate Ed’s pay after 10 years.
- Following is the gross pay for Ed for his first 8 years at his current job.
Year Salary
10 $35,000
11 $36,814
12 $38,212
13 $42,870
14 $44,125
15 $48,532
16 $59,075
17 $60,785
a. What is the explanatory variable?
b. What is the response variable?
c. What is the equation of the line of best fit?
d. What is R2?
e. What does that mean?
f. What is r?
g. What does that mean?
h. Estimate Ed’s pay after 10 years.
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