Suppose the following table was generated from a sample of 2020 CEOs relating annual salary to years of experience and the industry in which they are employed. Indicator (dummy) variables were created for each industry (1 if the CEO works in that industry, 0 otherwise). The Service industry is considered the base-level industry.   Coefficients Standard Error t Stat P-Value Intercept 139823.866578139823.866578 4536.7110134536.711013 30.82053630.820536 0.0000000.000000 Experience 3381.0498213381.049821 181.387197181.387197 18.63995818.639958 0.0000000.000000 Financial 6416.9933736416.993373 4262.2517844262.251784 1.5055411.505541 0.1529510.152951 Health Care −19847.233289−19847.233289 4467.2834954467.283495 −4.442797−4.442797 0.0004740.000474 Manufacturing 18742.50428818742.504288 4217.7106554217.710655 4.4437624.443762 0.0004740.000474 Copy Data According to the results, if a CEO in the Service industry and a CEO in the Manufacturing industry both have 1414 years of experience, what is the estimated difference in annual salary between the two CEOs? Enter your answer below, rounded to two decimal places.

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
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Suppose the following table was generated from a sample of 2020 CEOs relating annual salary to years of experience and the industry in which they are employed. Indicator (dummy) variables were created for each industry (1 if the CEO works in that industry, 0 otherwise). The Service industry is considered the base-level industry.

  Coefficients Standard Error t Stat P-Value
Intercept 139823.866578139823.866578 4536.7110134536.711013 30.82053630.820536 0.0000000.000000
Experience 3381.0498213381.049821 181.387197181.387197 18.63995818.639958 0.0000000.000000
Financial 6416.9933736416.993373 4262.2517844262.251784 1.5055411.505541 0.1529510.152951
Health Care −19847.233289−19847.233289 4467.2834954467.283495 −4.442797−4.442797 0.0004740.000474
Manufacturing 18742.50428818742.504288 4217.7106554217.710655 4.4437624.443762 0.0004740.000474

Copy Data

According to the results, if a CEO in the Service industry and a CEO in the Manufacturing industry both have 1414 years of experience, what is the estimated difference in annual salary between the two CEOs? Enter your answer below, rounded to two decimal places.

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