A social scientist would like to analyze the relationship between educational attainment (in years of higher education) and annual salary (in $1,000s). He collects data on 20 individuals. A portion of the data is as follows:
Education 3 4 6 2 5 4 8 0
Salary $40 36 56 35 72 47 107 52
a) Find the sample regression equation for the model: Salary = ?0 + ?1Education + ?. (Round intermediate calculations to 4 decimal places. Enter your answers in thousands rounded to 2 decimal places.)
b) Interpret the coefficient for education.
c) What is the predicted salary for an individual who completed 7 years of higher education? (Round intermediate coefficient values to 2 decimal places and final answer, in dollars, to the nearest whole number.)
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