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The HR Department of Vanderizing Bulb Company wanted to know if among its salaried employees there...

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Statistics

The HR Department of Vanderizing Bulb Company wanted to know ifamong its salaried employees there was a relationship between yearsof school and annual compensation. A random sample of employeesyielded the following data:

EmployeeYears of SchoolCompensation ($)
12069,582
21555,433
31364,678
41474,465
51770,159
61662,487
71769,763
81871,125
92064,350
101453,290

a. Find the correlation coefficient for the relationship betweenYears of School and Compensation.

b. Find the best equation which should be used to predictcompensation on the basis of years of schooling. Justify by a testof a hypothesis.

c. Maggie Radford has 15 years of schooling. What is herpredicted salary if she works at Vanderizing?

Answer & Explanation Solved by verified expert
4.4 Ratings (628 Votes)
Correlation coefficient for the relationship between Years of School and Compensation is calculated by the formula rxy covxy stdx stdy Covyears compensation 5643356 standard deviationyears 2458545 stdcompensation 6912532 rxy    See Answer
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