QUESTION 7 The following data give the starting salary for students who recently graduated from a local university and accepted jobs soon after graduation. The starting salary, grade-point average (GPA), and major (Business or other) are provided Salary $29,500 $46,000 539,800 $36,500 GPA 3.1 35 3.8 2.9 Major other Business other Business Salary $42,200 $31,500 $36,200 GPA 34 2.1 25 Major Business Other Business a). Using a computer, develop a regression model that could be used to predict starting salary based on GPA and major b) Use this model to predict the starting salary for a business major with a GPA of 30 c). What does the model say about the starting salary for a business major compared to a nonbusiness major d) Do you believe this model is useful in predicting the starting salary? Justify your answer, using information provided in the computer output a. Y= ANSWERS X1 + | x2 (number behind decimal has 2 digits) b. Y=$ c. The starting salary for business majors tends to be about 84 higher than non- business majors in this sample, even after adjusting for variations in GPA. d. The overall significance level is 0.099 and 2 = 0. Thus, the model is significant at the 0.10 level and % of the variability in starting salary is explained by GPA and major. Is the model useful, yes or no