The following regression results relate to a study of the salaries of public school teachers in a Midwestern city:

a. What is the /-ratio for EXP? Does it indicate that experience is a statistically significant determinant of salary if a 95 percent confidence level is desired?
b. What percentage of the variation in salary is explained by this model?
c. Determine the point estimate of salary for a teacher with 20 years of experience.
d. What is the approximate 95 percent confidence interval for your point estimate from part (c)?

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Standard Error Variable Coefficient t-ratio Constant EXP 20,720 6,820 258 3.04 805