Question: A bank developed a model for predicting the average checking and savings account balance as balance =17,119+ 334 x age +1,326 x years education +0.126x

A bank developed a model for predicting the average checking and savings account balance as balance =17,119+ 334 x age +1,326 x years education +0.126x household wealth.

a. Explain how to interpret the numbers in this model.

b. Suppose that a customer is 36 years old, is a college graduate (so that years education=16 ), and has a household wealth of $170,000. What is the predicted bank balance?

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