12.60 Angelica Chandra, president of Benefits Research, Inc., has asked you to study the salary structure of her firm. Benefits Research provides consulting and management for employee health care and retirement programs. Its clients are mid- to large-sized firms. As a first step you are asked to estimate a regression model that estimates expected salary as a function of years of experience in the firm. You are to consider linear, quadratic, and cubic models and determine which one would be most suitable. Estimate appropriate regression models and write a short report that recommends the best model. Use the data contained in the file Benefits Research.