Mr. James McWhinney, president of Daniel-James Financial Services, believes there is a…
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. (Round the final answers to 2 decimal places.) 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
a. Determine the standard error of estimate.
b. Suppose a large sample is selected (instead of just 10). About 95% of the predictions regarding sales would occur between what two values? Assuming that the Standard Error of Estimate does not change. Use z = 2. Y’ ±