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

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 interpret the numbers in this model.

b.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?

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