The file FTMBA contains data from a sample of full-time MBA programs offered by private universities. The variables collected for this sample are average starting salary upon graduation ($), the percentage of applicants to the full-time program who were accepted, the average GMAT test score of students entering the program, program per-year tuition ($), and percent of students with job offers at time of graduation.

Source: Data extracted from U.S. News & World Report Education, “Best Graduate Schools,” bit.ly/1E8MBcp.

Develop the most appropriate multiple regression model to predict the mean starting salary upon graduation. Be sure to include a thorough residual analysis. In addition, provide a detailed explanation of the results, including a comparison of the most appropriate multiple regression model to the best simple linear regression model.