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 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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Ef 576.

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 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?
Transcribed Image Text: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 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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