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In: Statistics and Probability

The following data are the monthly salaries y and the grade point averages x for students...

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.

GPA Monthly Salary ($)
2.6 3,500
3.4 3,900
3.6 4,300
3.2 3,800
3.5 4,200
2.9 2,200

The estimated regression equation for these data is y=-674.3+1,351.4x and MSE=395,912.

Use Table 1 of Appendix B.

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  prediction interval for Ryan Dailey, a student with a GPA of 3.0 (to 2 decimals).

(  ,  )

d. Discuss the differences in your answers to parts (b) and (c).

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