Daniel-James Financial Services
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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.
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
1. Determine the standard error of estimate.
2. 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
A Word document shows the standard error of estimate and the two values between which 95% of sales predictions would occur for the data given.
Solution Preview
1. Standard Error of the Estimate:
To find the standard error of the estimate we have to find the regression equation. Regression Equation is given by,
Y = a + bX
Where Y - Sales ...
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