Interpret the regression, and the estimates of the parameter

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Question: A large national bank charges local companies for using its services. A bank official reported the results of a regression analysis designed to predict the bank's charges, measured in dollars per month, for services rendered to local companies. One variable used to predict service charge to a company is the company's sales revenue, measured in millions of dollars. Data for 21 companies who use the bank's services were used to fit a simple regression model. The results of the simple linear regression are Y = 2,700 + 20X, R2 =0.7895. Interpret the regression, and the estimates of the parameters.

Reference no: EM133264572

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