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A regression analysis has been conducted between the annual income (in 1000 euros) and the work experience (in years). The results are summarized below. Define

A regression analysis has been conducted between the annual income (in 1000 euros) and the work experience (in years). The results are summarized below.

  1. Define the independent and dependent variables. What can you say about the correlation between them.
  2. Write the regression model and interpret the coefficients.
  3. Estimate the average annual income of a person who has 15 years of work experience.

YEARS EXPERIENCE

SALARY (USD)

3

40000

5

48000

10

52000

14

63000

17

90000

20

100000

25

120000

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