20. A social scientist would like to analyze the relationship between educational attainment (in years of higher education) and annual salary (in $1,000s). He collects data on 20 individuals. A portion of the data is as follows: Salary Education 35 1 67 6 ⋮ ⋮ 32 0 a. Find the sample regression equation for the model: Salary = β0 + β1Education + ε. (Round answers to 2 decimal places.) Salaryˆ=Salary^= + Education b. Interpret the coefficient for Education. As Education increases by 1 unit, an individual’s annual salary is predicted to increase by $8,590. As Education increases by 1 unit, an individual’s annual salary is predicted to decrease by $8,590. As Education increases by 1 unit, an individual’s annual salary is predicted to decrease by $5,460. As Education increases by 1 unit, an individual’s annual salary is predicted to increase by $5,460. c. What is the predicted salary for an individual who completed 5 years of higher education? (Round coefficient estimates to at least 4 decimal places and final answer to the nearest whole number.) Salary Education 35 1 67 6 79 2 46 1 69 7 78 5 111 6 62 0 20 4 25 5 100 6 47 5 64 3 66 9 154 7 61 0 87 1 60 3 123 7 32 0