A sales manager collected the following data on annual sales for new customer accounts and the...

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A sales manager collected the following data on annual sales fornew customer accounts and the number of years of experience for asample of salespersons. Salesperson Years of Experience AnnualSales ($1000s)
1 1 80
2 2 100
3 3 106
4 4 105
5 6 111
6 8 120
7 9 121
8 11 116
9 13 136
10 14 142
The data y= on annual sales($1000s) for new customer accountsand x= number of years of experience for a sample of 10salespersons provided the estimated regression equationy=88.22+3.59x . For these data x=7.1, (xi-x)²192.90 ,and s=6.8693.
a. Develop the 95% confidence interval for the mean annual salesfor all salespersons with twelve years of experience. ( , ) (to 2decimals)
b. The company is considering hiring Tom Smart, a salespersonwith twelve years of experience. Develop a 95% prediction intervalof annual sales for Tom Smart. ( , ) (to 2 decimals)

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4.2 Ratings (678 Votes)

Solution We can use the excel regression dataanalysis tool to find the answers to the given questions The exceloutput is given belowRegression AnalysisRegression StatisticsMultiple R09317RSquare08681Adjusted See Answer

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