bank developed a model for predicting the average checking and savings account balance as balance=−18,438+317×age+1,240×years education+0.108×household wealth.   a. Explain how to interpret the numbers in this model. b. Suppose that a customer is 27 years​ old, is a college graduate​ (so that years education=16​), and has a household wealth of ​$130,000. What is the predicted bank​ balance?

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
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Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.57TI: What is the total effect on the economy of a government tax rebate of $1,000 to each household in...
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A bank developed a model for predicting the average checking and savings account balance as
balance=−18,438+317×age+1,240×years education+0.108×household wealth.
 
a. Explain how to interpret the numbers in this model.
b. Suppose that a customer is 27 years​ old, is a college graduate​ (so that years education=16​),
and has a household wealth of ​$130,000.
What is the predicted bank​ balance?
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