The following data are
the monthly salaries y and the grade point averages
x for students who obtained a bachelor's degree in
business administration.
The estimated regression equation for these data is ŷ = 84.3 + 1,114.3x and MSE =416,464. a.
Develop a point estimate of the starting salary for a student with
a GPA of 3.0 (to 1 decimal). b.
Develop a 95% confidence interval for the mean starting salary for
all students with a 3.0 GPA (to 2 decimals). c.
Develop a 95% prediction interval for Ryan Dailey, a student with a
GPA of 3.0 (to 2 decimals). |
Icon Key
a. Develop a point estimate of the starting
salary for a student with a GPA of 3.0 (to 1 decimal).
$3,427.1
b. Develop a 95% confidence interval for the
mean starting salary for all students with a 3.0 GPA (to 2
decimals).
$ (2,579.49 , 4,274.79)
c. Develop a 95% prediction interval for Ryan
Dailey, a student with a GPA of 3.0 (to 2 decimals).
$ (1,445.00 , 5,409.29 )
Predicted values for: Monthly Salary ($) | |||||
95% Confidence Interval | 95% Prediction Interval | ||||
GPA | Predicted | lower | upper | lower | upper |
3 | 3,427.1 | 2,579.49 | 4,274.79 | 1,445.00 | 5,409.29 |
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