Mr. James McWhinney, president of Daniel-James Financial Services, believes there is a relationship between the number of client contacts and the dollar amount of sales. To document this assertion, Mr. McWhinney gathered the following sample information. The x column indicates the number of client contacts last month and the y column shows the value of sales ($ thousands) last month for each client sampled. Number of Contacts, X Sales ($ thousands),y Number of Contacts, x Sales ($ thousands),y
14 24 23 30
12 14 48 90
20 28 50 85
16 30 55 120
46 80 50 110

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Determine the regression equation. (Negative values should be indicated by a minus sign. Do not round intermediate calculations. Round final answers to 2 decimal places.)

r =

Determine the estimated sales if 40 contacts are made. (Do not round intermediate calculations. Round final answers to 2 decimal places.)