A financial analyst wants to investigate whether the seniority (in years) of employees is linearly related to their salaries (thousands of dollars). He randomly selected 25 employees (part-time and full-time) and recorded the values of corresponding variables of interest. Data set: Salary a) What is the appropriate graph with Excel to describe the relationship between the seniority of employees and their salaries. (the graph should have a title, axis labels, and should display units of measurements, and the regression line).

b) Provide a description of the graph in part (a).

c) Do you have enough statistical evidence to conclude that the seniority of employees and their salaries are significantly correlated? Make sure you use the three-step process and an appropriate decision point to this.

d) If you have found a significant correlation between the two variables mentioned in part (c), use the regression analysis to find the least squares regression line. (Attach the Regression Excel output and write out the least regression line in the context of the question.

e) Provide an interpretation of the slope estimate.

f) Provide an interpretation of the intercept estimate.

g) Suppose you would like to know the salary of your colleague who has 23 years seniority, and you are aware of the least square regression line obtained by the financial analyst. What is the prediction? Provide an interpretation of the answer and explain whether this an extrapolation or not?

h) Calculate the Pearson correlation coincident between the two variables using Excel and describe the value. (Attach the Excel output)