8 An analyst sought to predict the annual sales for a homefurnishing manufacturer using the following predictor variables:

X 1 5 marriages during the year X 2 5 housing starts during the year X 3 5 annual disposable personal income X 4 5 time trend (fi rst year 5 1, second year 5 2, and so forth)

Using data for 24 years, the analyst calculated the following estimating equation:

Y 5 49.85 2 .068X1 1 .036X2 1 1.22X3 2 19.54X4 The analyst also calculated an R 2 5 .92 and a standard error of estimate of 11.9. Interpret the above equation and statistics.