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A local tire dealer wants to predict the number of tires sold each month. He believes that the number of tires sold is a linear function of the amount of money invested in advertising. He randomly selects 6 months of data consisting of tire sales (in thousands of tires) and advertising expenditures (in thousands of dollars). Based on the data set with 6 observations, the simple linear regression equation of the least squares line is ŷ = 3 + 1x.
∑X = 24
∑X2 = 124
∑Y = 42
∑Y2 = 338
∑XY = 196
MSE = 4
Using the sums of the squares given above, determine the 95 percent confidence interval for the slope.
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