A large national bank charges local companies for using their services. A bank official reported the...
A large national bank charges local companies for using their services. A bank official reported the results of a regression analysis designed to predict the bank's charges (Y)—measured in dollars per month—for services rendered to local companies. One independent variable used to predict service charges to a company is the company's sales revenue (X)—measured in millions of dollars. The results of the simple linear regression are provided below. Y = 2,700 + 20X Based on this model, if a company’s sales revenue is 60,000,000$, how much is predicted be charged for using their service?
A. $60,000,000
B. $3900
C. $600
D. $2700
Homework Answers
Answer
Given regression equation is y = 2700 +20(x)
we have to find the value of y when x = 60(in millions)
Setting x = 60, we get
y = 2700 + (20*60)
= 2700 + 1200
= $3900
option B is correct
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A large national bank charges local companies for using their
services. A bank official reported the...
A large national bank charges local companies for using their services. A bank official reported the...
A large national bank charges local companies for using their services. A bank official reported the results of a regression analysis designed to predict the bank's charges (y), measured in dollars per month, for services rendered to local companies. One independent variable used to predict service charge to a company is the company's sales revenue (x), measured in $ million. Data for 21 companies who use the bank's services were used to fit the model E(y) = β0 + β1x....
A large national bank charges local companies for using their services. A bank official reported the...
A large national bank charges local companies for using their services. A bank official reported the results of a regression analysis designed to predict the bank's charges (Y) measured in dollars per month for services rendered to local companies. One independent variable used to predict service charges to a company is the company's sales revenue (X) measured in millions of dollars. A 95% confidence interval for β1 is found to be (15, 30) by analyzing the data for 21 companies....
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