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    Statistics: Standard Error and Sampling Size

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    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 regression equation.
    b. Determine the estimated sales if 40 contacts are made.

    Number of contacts: X
    14, 12, 20, 16, 46

    Sales($thousands): Y
    24, 14, 28, 30, 80

    Number of contacts: X
    23, 48, 50, 55, 50

    Sales (Thousands): Y
    30, 90, 85, 120, 110

    a. Determine the standard error of estimate.
    b. Suppose a large sample is selected (instead of just 10). About 95 percent of the predictions regarding sales would occur between what two values?

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    Solution Summary

    This solution calculates the regression equation, estimated sales, standard error of estimate, and 95% of predictions regarding sales in a stepwise explanation. All formulas used are included.