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[answered] A large national bank charges local companies for using the


A large national bank charges local companies for using their services. A bank official reported the results of a regression analysis designed to predict the bank's charges (y), measured in dollars per month, for services rendered to local companies. One independent variable used to predict service charge to a company is the company's sales revenue (x), measured in $ million. Data for 21 companies who use the bank's services were used to fit the model

E(y) =??0?+??1x.


The results of the simple linear regression are provided below.

??= 2,700 + 20x,?s?= 65, 2-tailed?p-value = .064 (for testing??1)

Interpret the?p-value for testing whether??1?exceeds 0.
There is sufficient evidence (at???= .05) to conclude that service charge (y) is positively linearly related to sales revenue (x) .
Sales revenue (x) is a poor predictor of service charge (y).
For every $1 million increase in sales revenue (x), we expect a service charge (y) to increase $.064.
There is insufficient evidence (at???= .05) to conclude that service charge (y) is positively linearly related to sales revenue (x).

 


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