this is v similar answer this correctly

1. [30 marks] A researcher is studying the effect of parents' level of education on educational achievement of individuals. Using data on completed years of education (educ), mother's level of education (motheduc), father's level of education (fatheduc), a measure of cognitive ability (abil), and logarithm of family income (l.income), the researcher estimates 4 models. Table (1) shows the OLS estimates for each model, with standard errors in parentheses underneath each coefficient. The dependent variable in all the models is educ. Model 1 Model 2 Model 3 Independent variables l.income Model 4 motheduc fatheduc abil abil_squared Intercept N SSR 3999.24 3899.97 R-squared 0.35 Table (1) a) Examine the R-squared value reported in Model 1. What does this statistic reveal about the model's effectiveness in explaining variations in educational attainment? [max 80 words] [5 marks]