A consulting group have trackedthe average salary per week (in dollars)over time for a group of university
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Question:
A consulting group have trackedthe average salary per week (in dollars)over time for a group of university students. The data is recorded in the file BBSALARY. Using the data from the year 1976to the year 2000 (including 1976 and 2000) fit a trend equationto the average salary data over this period. You will need to create a new column of values (from 1 to 25) next to theYEAR column, with a value of 1 next to the year1976, a value of 2 next to the year1977 and a value of 25 next to the year 2000. This new column will be the data for your independent variable.
a) what is theintercept term(to3 decimal places)? b) use the trend equation to forecastAverage Salaryfor the year 2004 (to3 decimal places).
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