Nick's Tree Trimming Service was really taking off! He was thrilled that he needed to hire three more employees to keep up with all the work. He realized that his years-long strategy of investing in a marketing plan clearly must have something to do with it. As soon as the business idea was conceived, Nick made a strategic plan that included consistent marketing efforts at steady intervals throughout each year. Every quarter, he updated his messaging, with input from his marketing vendor, and got his updated message out to the public. His quarterly marketing expenses along with the corresponding revenues are as follows. Quarter Marketing Cost Revenues 1 $10,000 $220,000 2 12,000 260,000 3 12,000 330,000 14,000 410,000 5 14,000 450,000 16,000 425,000 16,000 480,000 18,000 430,000 18,000 470,000 10 20,000 490,000 11 20,000 510,090 12 22,000 470,000 (b) Your Answer Correct Answer Your answer is correct Run the regression model in Excel and evaluate it for goodness of fit, significance of the independent variable, and economic plausibility, Specify your final model in Y - m(X) + b format. (Round answers to 2 decimal places, e.g. 15.25.) 21.18 X + $ 73.135.95 eTextbook and Media Solution Attempts: 3 of 3 used (c) Predict revenues for next quarter if Nick invests $24,000 in marketing efforts. (Round answer to 2 decimal places, e.g. 15.25.) Revenue $ If you were Nick, would you rely on this projection? Yes