Question: 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?