Table $3\mathrm{.}4$ Supermarket Correlation Matrix

Source: Carolyn H$.$ Turner

Note: Read the matrix first by finding Y$\text{'}$s variable name on Row $1$ and note which values

down the column have strong correlation with that variable.

Image $$ Nolichuckyjake$/$Shutterstock$.$com

$$

Bivariate Fit of Sales Bv Parkinn

$\frac{?}{{?}_{\frac{?}{?}}}$ Linear Fit

Sales $=-29\mathrm{.}26665+10\mathrm{.}844512****$ arking

RSquare Adj $0\mathrm{.}784982$

Root Mean Square Error $,50\mathrm{.}81866$

Mean of Response $241\mathrm{.}8462$

Observations $($or Sum Wgts$)13$

Lack Of Fit

You have just turned $36$ years old, have just received your MBA, and have accepted your first job. Now you must decide how much money to put into your retirement plan. The plan

works as follows: Every dollar in the plan earns $6\%$ per year. You cannot make withdrawals until you retire on your $65$ th birthday. After that point, you can make withdrawals as you see

fit. You decide that you will plan to live to $100$ and work until you turn $65.$ You estimate that to live comfortably in retirement, you will need $$93,000$ per year starting at the end of the first

year of retirement and ending on your $100$th birthday. You will contribute the same amount to the plan at the end of every year that you work. How much do you need to contribute each

year to fund your retirement?

The amount that you will need in $29$ years is $

$($Round to the nearest cent.$)$

To fund your retirement, your yearly contribution must be $

$.($Round to the nearest cent.$)$