A sales manager collected data on annual sales for new customer accounts and the number of years of experience for a sample of 10 salespersons. In the Microsoft Excel Online file below you will find a sample of data on years of experience of the salesperson and annual sales. Conduct a regression analysis to explore the relationship between these two variables and then answer the following questions. Open spreadsheet
Compute b1 and b0 (to 1 decimal).
b1 = fill in the blank
b0 = fill in the blank
Complete the estimated regression equation (to 1 decimal).
y= + x fill in the blank 5x
According to this model, what is the change in annual sales ($1000s) for every year of experience (to 1 decimal)?
fill in the blank
Compute the coefficient of determination (to 3 decimals). Note: report r2 between 0 and 1.
r2 = fill in the blank
What percentage of the variation in annual sales ($1000s) can be explained by the years of experience of the salesperson (to 1 decimal)?
fill in the blank %
A new salesperson joins the team with 8 years of experience. What is the estimated annual sales ($1000s) for the new salesperson (to the nearest whole number)?
$ fill in the blank
Salesperson Years of Experience Annual Sales ($1000s)
1 2 78
2 4 94
3 4 87
4 4 104
5 5 107
6 9 109
7 9 124
8 10 121
9 10 122
10 14 131