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    Regression analysis problem:Daniel-James Financial Services

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

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

    22. Refer to Exercise 14.
    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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