The human resources manager of DataCom, Inc., wants to examine the relationship between annual salaries (Y) and the number of years employees have worked at DataCom (X). These data have been collected for a sample of employees and are given in columns B and C of the file P10_05.xlsx.
a. Estimate the relationship between Y and X. Interpret the least squares line.
b. How well does the estimated simple linear regression equation fit the given data? Provide evidence for your answer.