According to Advertising Ages annual salary review, Mark Hurd, the 49-year-old chairman,president, and CEO of Hewlett-Packard Co., received an annual salary of $817,000, a bonusof more than $5 million, and other compensation exceeding $17 million. His total compensationwas slightly better than the average CEO total pay of $12.4 million. The followingtable shows the age and annual salary (in thousands of dollars) for Mark Hurd and 14 otherexecutives who led publicly held companies (Advertising Age, December 5, 2006).SalaryExecutive Title Company Age ($1000s)Charles Prince Chmn/CEO Citigroup 56 1000Harold McGraw III Chmn/Pres/CEO McGraw-Hill Cos. 57 1172James Dimon Pres/CEO JP Morgan Chase & Co. 50 1000K. Rupert Murdoch Chmn/CEO News Corp. 75 4509Kenneth D. Lewis Chmn/Pres/CEO Bank of America 58 1500Kenneth I. Chenault Chmn/CEO American Express Co. 54 1092Louis C. Camilleri Chmn/CEO Altria Group 51 1663Mark V. Hurd Chmn/Pres/CEO Hewlett-Packard Co. 49 817Martin S. Sorrell CEO WPP Group 61 1562Robert L. Nardelli Chmn/Pres/CEO Home Depot 57 2164Samuel J. Palmisano Chmn/Pres/CEO IBM Corp. 55 1680David C. Novak Chmn/Pres/CEO Yum Brands 53 1173Henry R. Silverman Chmn/CEO Cendant Corp. 65 3300Robert C. Wright Chmn/CEO NBC Universal 62 2500Sumner Redstone Exec Chmn/Founder Viacom 82 5807a. Develop a scatter diagram for these data with the age of the executive as the independentvariable.b. What does the scatter diagram developed in part (a) indicate about the relationshipbetween the two variables?c. Develop the least squares estimated regression equation.d. Suppose Bill Gustin is the 72-year-old chairman, president, and CEO of a major electronics company. Predict the annual salary for Bill Gustin.
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