A bank developed a model for predicting the average checking and savings account balance as balance=16,965+336age+1,470years education+0.133household

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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

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?

Related Book For answer-question

Business Analytics Methods Models and Decisions

ISBN: 978-0321997821

2nd edition

Authors: James R. Evans

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Posted Date: Feb 05, 2021 09:05 PM

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A bank developed a model for predicting the average checking and savings account balance as balance=16,965+336age+1,470years education+0.133household

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Business Analytics Methods Models and Decisions

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