Question: A bank developed a model for predicting the average checking and savings account balance as balance = -17,732 + 367 * age + 1,300 *

  1. A bank developed a model for predicting the average checking and savings account balance as balance = -17,732 + 367 * age + 1,300 * years education + 0.116 * household wealth.
    1. Explain how to interpret the numbers in this model.
    2. Suppose that a customer is 32 years old, is a college graduate (so that years education = 16), and has a household wealth of $150,000. What is the predicted bank balance?
    3. Is this model a descriptive model, a predictive model, or a prescriptive model?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

Q:

A bank developed a model for predicting the average checking and savings account balance as balance -18,927 +313 x age +1,286 x years education + 0.145 x household wealth. a. Explain how to interpret...

Q:

A bank developed a model for predicting the average checking and savings account balance as balance = - 15,999 + 308 x age +1,203 x years education +0.144 x household wealth. a. Explain how to...

Q:

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...

Q:

P.S: This is for Business Analytics 1. Return on investment (ROI) is computed in the following manner: ROI is equal to turnover multiplied by earnings as a percent of sales. Turnover is sales divided...

Q:

Ch. 1 #9 A bank developed a model for predicting the average checking and savings account balance = -17,732 + 367 x age + 1,300 x years education + 0.116 x household wealth. a. Explain how to...

Q:

2.A bank developed a model for predicting the average checking and savings account balance as balance = -17,732 + 367 * age + 1,300 * years education + 0.116 * household Explain how to interpret the...

Q:

A bank developed a model for predicting the average checking and savings account balance as balance = -17,732 + 367 * age + 1,300 * years education + 0.116 * household wealth. (2 Points) a. Explain...

Q:

In Excel please provide the following: A bank developed a model for predicting the average checking and savings account balance as balance = -17,732 + 367 * age + 1,300 * years education + 0.116 *...

Q:

A bank developed a model for predicting the average checking and savings account balance as balance = -17,732 + 367 * age + 1,300 * years education + 0.116 * household wealth. a.Explain how to...

Q:

7. A bank developed a model for predicting the average checking and savings account balance as balance = -17,732 + 367 age + 1,300 years education + 0.116 household wealth. a. Explain how to...

Q:

One question that is often asked by people thinking about launching an entrepreneurial venture is what should first-time entrepreneurs know before they launch? Based on information featured in this...

Q:

Explain why it is important to control each of the following potentially confounding variables in the experiment. a. the type of surgery performed b. operating room temperature c. volume at which the...

Q:

. Which interest automatically transfers ownership if a condition is violated? A . Fee simple defeasible B . Fee simple absolute C . Life estate D . Remainder interest

Q:

As the manager of Smith Construction, you need to make a decision on the number of homes to build in a new residential area where you are the only builder. Unfortunately, you must build the homes...