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...

Extracted text: 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: Salary Education 34 3 66 1 33 E Click here for the Excel Data File a. Find the sample regression equation for the model: Salary = Bo + B1Education + ɛ. (Round answers to 2 decimal places.) Salary = Education + b. Interpret the coefficient for Education. As Education increases by 1 year, an individual's annual salary is predicted to increase by $4,690. O As Education increases by 1 year, an individual's annual salary is predicted to decrease by $8,590. O As Education increases by 1 year, an individual's annual salary is predicted to decrease by $4,690. O As Education increases by 1 year, an individual's annual salary is predicted to increase by $8,590. c. What is the predicted salary for an individual who completed 7 years of higher education? (Round coefficient estimates to at least 4 decimal places and final answer to the nearest whole number.) Salary %24


Extracted text: A B Salary Education 34 3 66 1 89 56 71 7 80 2 111 7 51 23 7 36 100 1 35 1 71 68 163 56 86 58 4 128 33