Mr. James McWhinney, president of Daniel-James Financial Services, believes ther

Question

Mr. James McWhinney, president of Daniel-James Financial Services, believes there is a relationship between the number of client contacts and the dollar amount of sales. To document this assertion, Mr. McWhinney gathered the following sample information. The X column indicates the number of client contacts last month, and the Y column shows the value of sales ($ thousands) last month for each client sampled.

(a) Determine the standard error of estimate. (Round your answer to 2 decimal places.)

(b) Determine the coefficient of determination. (Round your answer to 2 decimal places.)

Number of
Contacts,
X Sales
($ thousands),
Y Number of
Contacts,
X Sales
($ thousands),
Y 14 24 23 30 12 14 48 90 20 28 50 85 16 30 55 120 46 80 50 110

Explanation / Answer

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Using the excel output

a) Standard error of estimate will be 9.31

b) Coefficient of determination will be 0.98

SUMMARY OUTPUT Regression Statistics Multiple R 0.98 R Square 0.951331317 Adjusted R Square 0.945247731 Standard Error 9.31 Observations

10

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