Below you are given information on annual income and years of college education.
$\begin{array}{cc}\text { Income In Thousands) }&\text { Years of College }\
28 & 0 \
40 & 3 \
36 & 2 \
28 & 1 \
48 & 4
\end{array}$
a. Develop the least squares regression equation.
b. Estimate the yearly income of an individual with 6 years of college education.
c. Compute the coefficient of determination.
d. Use a t test to determine whether the slope is significantly different from zero. Let α = 0.05.
e. At 95% confidence, perform an F test and determine whether or not the model is significant.

Question

Below you are given information on annual income and years of college education.
 $\begin{array}{cc}\text { Income In Thousands) }&\text { Years of College }\
28 & 0 \
40 & 3 \
36 & 2 \
28 & 1 \
48 & 4
\end{array}$ 
a. Develop the least squares regression equation.
b. Estimate the yearly income of an individual with 6 years of college education.
c. Compute the coefficient of determination.
d. Use a t test to determine whether the slope is significantly different from zero. Let α = 0.05.
e. At 95% confidence, perform an F test and determine whether or not the model is significant.

Quizplus · Accepted Answer

The Answer of Below you are given information on annual income and years of college education.
 $\begin{array}{cc}\text { Income In Thousands) }&\text { Years of College }\
28 & 0 \
40 & 3 \
36 & 2 \
28 & 1 \
48 & 4
\end{array}$ 
a. Develop the least squares regression equation.
b. Estimate the yearly income of an individual with 6 years of college education.
c. Compute the coefficient of determination.
d. Use a t test to determine whether the slope is significantly different from zero. Let α = 0.05.
e. At 95% confidence, perform an F test and determine whether or not the model is significant.