Imagine you are an HR manager and you want to study the relationship between the annual salaries of working professionals and their work experience (in terms of duration). From the sample data set, you found that the relationship between these two variables is linear. The estimated regression equation to predict the salary of a working professional is Y = 3,00,000 + 1,00,000X.

Here, Y represents annual salary in rupees and X represents work experience in terms of number of years. Calculate the residual for a working professional with 3 years of work experience who draws an annual salary of 7,00,000 annual salary.

1. 2,00,000
2. 6,00,000
3. 3,00,000
4. 1,00,000