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Predicting Y

 

 

Jim has 13 years of education and 10 years experience

 

             

 

Jim's predicted average income is $29,639

 

 

Confidence Interval for Predicted Y

 

 

             

alpha .05, 2-tailed, df=2                       tcv, = 4.303

 

               

 

There is a probability of .95 that someone in the population with 13 years of education and 10 years experience would earn between $18,720 and $40,560.  As you can see, our model would not be very useful for predicting incomes in the population.  This is the likely result of a very small sample size (n=5).

 


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