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:
Substitute into the equation:
Now, calculate the value:
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:
- How would the salary estimate change if the employee had 10 years of experience?
- What does the coefficient represent in this regression equation?
- How do we interpret the constant in the context of this model?
- What is the interpretation of the regression equation as a whole?
- 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.
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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
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