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=10,550.60+2781.63(Education)+870.46(Experience)Estimated
Salary=10,550.60+2781.63(Education)+870.46(Experience)
Suppose an employee with 44 years of education has been with the company for 88 years (note that education years are the number of years after 8th8th grade). According to this model, what is his estimated annual salary?
Homework Answers
Solution : From the given Data
Given regression model is
Estimated Salary : 10,550.60+2781.63(Education)+870.46(Experience)
Suppose an employee with 44 years of education has been with the company for 88 years then the estimated annual salary is
so Education = 44 years
Experience = 88 years
Estimated salary = 10,550.60+2781.63 (44) + 870.46 (88)
= 10550.60 + 122391.72 + 76600.48
= 209542.8
so, hence the estimated annual Salary = 209542.8
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