Question: A bank developed a model for predicting the average checking and savings account balance as balance=16,965+336age+1,470years education+0.133household wealth. a. Explain how to interpret the numbers

A bank developed a model for predicting the average checking and savings account balance as 

balance=−16,965+336×age+1,470×years 

education+0.133×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 

$110,000. 

What is the predicted bank balance?

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