Problem: Question:Test for a significant relationship at the .05 level of signif

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Problem:

Question:Test for a significant relationship at the .05 level of significance. What is your conclusion?

School Tution & Fees ($1000s) Salary & Bonus ($1000s) Arizona State University 28 98 Babson College 35 94 Cornell University 44 119 Georgia Institue of Technology 40 109 Indiana Universiyt-Bloomington 30 88 Michigan State Universiyt 35 105 Northwestern University 26 99 Ohio State University 44 123 Purdue University--West Lafayette 35 97 Rice University 33 96 Stanford University 36 102 University of California--Davis 46 135 University of Florida 35 89 University of Iowa 23 71 University of Minnesota--Twin Cities 25 78 University of Notre Dame 37 100 University of Rochester 36 95 University of Washington 38 99 University of Wisconsin--Madison 30 94 27 93 C: Estimated regression equation: y=33.788+1.91543x

Question:Test for a significant relationship at the .05 level of significance. What is your conclusion?

Explanation / Answer

Regression Analysis: Salary_Bonus versus Tution_Fees

The regression equation is
Salary_Bonus = 33.8 + 1.92 Tution_Fees

Predictor Coef SE Coef T P
Constant 33.7880 9.3400 3.62 0.002
Tution_Fees 1.9154 0.2689 7.12 0.000

S = 7.60875 R-Sq = 73.8% R-Sq(adj) = 72.4%

Conclusion: The estimated p-value of Tution_Fees is 0.000 and less than 0.05 level of significance. Hence, we can conclude that Tution_Fees has a significant association with Salary_Bonus at 0.05 level of significance. That is for increasing $1000 on the Tution_Fees increases the mean Salary_Bonus by $1000*1.9154.

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