The following data are the monthly salaries y and the grade point averages x for students who obtained a bachelor's degree in business administration.
GPA Monthly Salary
2.6........................................3600
3.4........................................3900
3.6........................................4300
3.2........................................3800
3.5........................................4200
2.9........................................3900
The estimated regression equation for these data is ŷ = 2090.5 + 581.1x and MSE = 21,284.
a. Develop a point estimate of the starting salary for a student with a GPA of 3.0.
b. Develop a 95% confidence interval for the mean starting salary for all students with a 3.0 GPA.
c. Develop a 95% prediction interval for Ryan Dailey, a student with a GPA of 3.0.
d. Discuss the differences in your answers to parts (b) and (c).