Question: A bank developed a model for predicting the average checking and savings account balance as balance=16,165+345age+1,445years education+0.111household wealth. a. Explain how to interpret the numbers

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

balance=16,165+345age+1,445years

education+0.111household

wealth.

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

b. Suppose that a customer is

38

years old, is a college graduate (so that years

education=16),

and has a household wealth of

$160,000.

What is the predicted bank balance?

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:

*PLEASE respond as soon as possible thank you!* A bank developed a model for predicting the average checking and savings account balance as balanceequals=negative 19 comma...

Q:

A bank developed a model for predicting the average checking and savings account balance as balance = -17,819 +374 age + 1,460 years education + 0.144 household wealth. a. Explain how to interpret...

Q:

A bank developed a model for predicting the average checking and savings account balance as balance-16,908 380xage + 1,421 x years education 0.145 x household wealth. a. Explain how to interpret the...

Q:

Total = 1 0 0 Points Problem 1 . [ Ref: Lecture 1 . 6 ] Suppose that a manufacturer can produce a part for $ 2 0 . 0 0 with a fixed cost of $ 3 , 0 0 0 . The manufacturer can contract with a supplier...

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:

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. Explain how to...

Q:

A bank developed a model for predicting the average checking and savings account balance as balance =18,318+383 age +1,460 years education +0.149 household wealth. a. Explain how to interpret the...

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:

Which of the steps in the accounting cycle are performed only at the end of the accounting period? Provide examples.

Q:

Calculate F given s1 = 3.2 and s2 = 2.6

Q:

Subsequent payments, or unrecorded liabilities? Examining v involves checking vouchers paid after balance sheet date to determine if the payment is for an obligation that existed as of the balance...

Q:

Case Greenbuilders Pte Lid ("GPL") is a local construction company which specialises in providing bespoke Design and Build construction services for private residential homes that are designed to be...