An academic advisor wants to predict the typical starting salary of a graduate at a top business school using the GMAT score of the school as a predictor variable. A simple linear regression of SALARY versus GMAT using 25 data points is shown below.
0 = -92040
1 = 228
s = 3213
r2 = .66
r = .81 df = 23
t = 6.67
A 95% prediction interval for SALARY when GMAT = 600 is approximately ($37,915, $51,984). Interpret this interval.
◦ We are 95% confident that the increase in SALARY for a 600-point increase in GMAT will fall between $37,915 and $51,984.
◦ We are 95% confident that the SALARY of a top business school graduate with a GMAT of 600 will fall between $37,915 and $51,984.
◦ We are 95% confident that the mean SALARY of all top business school graduates with GMATs of 600 will fall between $37,915 and $51,984.
◦ We are 95% confident that the SALARY of a top business school graduate will fall between $37,915 and $51,984.
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Business Math