Dan Gates, CFA is forecasting price elasticity of demand for GMX Inc's products. Gates used monthly revenues for the past four years as the dependent variable ($ millions) and price per unit as the independent variable. The results are shown below. Sales = 23.45 ? 0.6 Price Standard error (intercept) = 10.22 Standard error (slope) = 0.03 Standard error of estimate = 8.32 Standard error of forecast = 8.93

Use the following t-table for this question: Area in Right Tail 5.0% 2.5% 1.0% 45 1.679 2.014 2.412 46 1.679 2.013 2.410 47 1.678 2.012 2.408 48 1.677 2.011 2.407 49 1.677 2.010 2.405 50 1.676 2.009 2.403 51 1.675 2.008 2.402 The 95% confidence interval for predicted value of monthly sales given price was $2.00 per unit is closest to: A) $6 million to $39 million. B) $4 million to $40 million. C) $12 million to $33 million. (Study Session 2, Module 4, LOS 4.f)