Question

Consider the following estimated regression model relating annual salary to years of education and work experience....

Consider the following estimated regression model relating annual salary to years of education and work experience.


Estimated Salary=11,756.80+2723.3(Education)+1092.64(Experience)

Suppose an employee with 11 years of education has been with the company for 2 years (note that education years are the number of years after  8th grade). According to this model, what is his estimated annual salary?

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Answer #1

Here we consider a estimated regression model relating annual salary to years of education and work experience.

Estimated regression equation:-

Salary = 11756.80 + 2723.3(education) + 1092.64(experience)

Suppose an employee with 11 years of education has been with the company for 2 years.

Now we want to find what is his estimated annual salary.

According to this estimated regression model his annual salary is given by,

Salary = 11756.80 + 2723.3 × 11 + 1092.64 × 2

= 11756.80 + 29956.3 + 2185.25 = 43898.35

Hence according to this model his annual salary is 43898.35

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