You want to apply regression analysis to a sample data of 102 observations in order to predict the average bank balance as a function of five explanatory variables: median age of the population, median years of education, median income, median home value, and median household wealth. The sample data is shown in Excel Worksheet named 'P#5'. Using =0.05, answer/do the following questions/tasks.

(a) Perform a correlation analysis. Which pair of variables has the largest correlation?

(b) Perform a regression analysis and find the best regression model for the given data. Write down the regression equation. Why do you believe this one is the best model?

(c) For the best model found in (b), discuss whether each of the following two significances (statistical & managerial significances) exists. How do you know? Give your reasons clearly.