Asocial 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:
education 3 4 6 2 5 4 8 0
salary $40 36 56 35 72 47 107 52
a) find the sample regression equation for the model: salary = ? 0 + ? 1education + ? . (round intermediate calculations to 4 decimal places. enter your answers in thousands rounded to 2 decimal places.)
b) interpret the coefficient for education.
c) what is the predicted salary for an individual who completed 7 years of higher education? (round intermediate coefficient values to 2 decimal places and final answer, in dollars, to the nearest whole number.)