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The following regression results relate to a study of the salaries of public school teachers in Midwestern city. Variable coefficient standard error t-ratioConstant 20,720 6,820 3.04EXP 805 258 3.12R -squared = 0.684, n=105, standard error of estimate = 2000EXP is the experience of teachers in years of full-time teaching
A. What is the t -ratio/3.12/ for EXP? Does it indicate that experience is a statistically significant determinant of salary if a 95%confidence level is desired?
B. Elucidate what percentage of the variation in salary is explained by this model?
C. Describe the point estimate of salary for a teacher with 20 years of experience?
D. What is the approximate 95% confidence interval for point estimate from part (C)?
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