The partners of an accounting firm want to investigate the relationship between the annual accounting fee ($000) per client with the client's tax preparation (hours), managing payroll (employees) and auditing service (hours). A random sample of clients was collected, and Excel used to create a regression. Here is part of the regression output: ANOVA Regression Residual Total df SS MS F Significance F 3 1271.64 26 1027.58 423.88 39.52 10.73 9.0811E-05 29 2299.22 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept 3.19 2.01 1.59 0.12 -0.94 7.32 Tax preparation 0.11 0.05 2.12 0.04 0.00 0.22 Managing payroll 0.02 0.01 2.64 0.00 0.01 0.04 Auditing 0.07 0.05 1.38 0.18 -0.03 0.17 a) Using the Excel output, the partners created the following regression equation: Estimated Accounting fee = 3.19 +0.11 Tax preparation + 0.02 Managing payroll + 0.07 Auditing Is this equation correct or wrong? Briefly explain your answer. [2 marks] b) The partners want to estimate the annual accounting fee for a client that has 10 hours of tax preparation, managing payroll of 45 employees and has 10 hours of auditing done. The owner calculated the following estimate of $68.30. Is this correct or wrong? Briefly explain your answer. [2 marks] c) The partners interpreted the coefficient of tax preparation as follows: "Each extra hour in tax preparation, the accounting fee increases by $0.11." Is this correct or wrong? Briefly explain your answer. [2 marks]