Math Problem Statement

Suppose the following estimated regression equation was determined to predict salary based on years of experience.

Estimated Salary=27,709.94+2712.46(Years of Experience)

What is the estimated salary for an employee with 19 years of experience?

Solution

To estimate the salary for an employee with 19 years of experience using the given regression equation:

Estimated Salary=27,709.94+2,712.46×(Years of Experience)\text{Estimated Salary} = 27,709.94 + 2,712.46 \times (\text{Years of Experience})

Substitute Years of Experience=19\text{Years of Experience} = 19 into the equation:

Estimated Salary=27,709.94+2,712.46×19\text{Estimated Salary} = 27,709.94 + 2,712.46 \times 19

Now, calculate the value:

Estimated Salary=27,709.94+51,554.74=79,264.68\text{Estimated Salary} = 27,709.94 + 51,554.74 = 79,264.68

Thus, the estimated salary for an employee with 19 years of experience is $79,264.68.

Would you like more details or have any questions?

Here are some related questions to explore further:

  1. How would the salary estimate change if the employee had 10 years of experience?
  2. What does the coefficient 2,712.462,712.46 represent in this regression equation?
  3. How do we interpret the constant 27,709.9427,709.94 in the context of this model?
  4. What is the interpretation of the regression equation as a whole?
  5. How might this model be used to predict salary for employees with more than 20 years of experience?

Tip: A higher coefficient means the salary increases more per additional year of experience.

Ask a new question for Free

By Image

Drop file here or Click Here to upload

Math Problem Analysis

Mathematical Concepts

Linear Regression
Algebra

Formulas

Estimated Salary = 27,709.94 + 2,712.46 * (Years of Experience)

Theorems

Regression Analysis

Suitable Grade Level

Grades 10-12