Question: MUST USE MINITABSTATS PROGRAM FOR THIS Need help with part C of this problem. Consider the following data on salaries and experience. Persons 2,4,6,8,and 9

MUST USE MINITABSTATS PROGRAM FOR THIS

Need help with part C of this problem. Consider the following data on salaries and experience. Persons 2,4,6,8,and 9 have MBA degrees. All others only have undergraduate degrees.

Person Salary Experience

1 $130,468 10 Years

2 62,250 1

3 50,000 2.3

4 140,000 9

5 110,000 8

6 80,050 2.8

7 95,772 7

8 110,000 6

9 87,752 4.2

10 79,290 5

a. Calculate the regression of Salary on Experience within a model that controls for whether a person has an MBA or not. Answer I got was 28256+10039 Experience+ 21576 MBA

b. What is the market value of the MBA degree? Answer I got was 21576

c. Calculate a 95% Confidence Interval for expected Salary for a person with 3 years of Experience with an MBA. I feel that this is wrong but I got 733861,86510.9 See below

MUST USE MINITABSTATS PROGRAM FOR THIS Need help

Navigator Regression Analysis: Salary ... v X Regression Analysis: Salary versu... #WORKSHEET 1 Prediction for Salary Regression Analysis: Salary versus Experience, MBA Dummy Varible Prediction for Salary Prediction for Salary Regression Analysis: Salary versu... Regression Equation Salary = 28256 + 10039 Experience + 21576 MBA Dummy Varible Coefficients Predict X Term Coef SE Coef T-Value P-Value VIF Constant 28256 2201 12.84 0.000 Response: Salary Experience 10039 294 34.19 0.000 1.12 MBA Dummy Varible 21576 1671 12.91 0.000 1.12 Enter individual values X Predict: Options X Experience "MBA Dummy Va A Model Summary Confidence level: 95 13 10039 S R-sq R-sq(adj) R-sq(pred) Type of interval: Two-sided 2496.87 99.41% 99.24% 98.89% Help OK Cancel Analysis of Variance Source DF Adj SS Adj MS F-Value P-Value Regression 7308385221 3654192611 586.14 0.000 Experience 7287296373 7287296373 1168.89 0.000 Select Options... Results... Storage... View Model... MBA Dummy Varible 1 1039519694 1039519694 166.74 0.000 Error 43640519 6234360 Help OK Cancel Total 7352025740 C1 C2 C3 C4 C5 C6 C7 C8 C9 C10 C11 C12 C13 C14 C15 C16 C17 C18 C19 C20 Salary Experience MBA Dummy Varible 1 $130,468.00 10.0 0 IN $62,250.00 1.0 $50,000.00 2.3 o W 4 $140,000.00 9.0 $110,000.00 8.0 - o - 0 - $80,050.00 2.8 7 $95,772.00 7.0 8 $110,000.00 6.0

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