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A bank developed a model for predicting the average checking and savings account balance as balance = -17,732 + 367 age +1300 years education + 0.116 * household wealth.

AExplain how to interpret the numbers in this model.

Verified Answer :

MissPhiladelphia

We are given with the equation
balance = -17,732 + 367 age +1300 years education + 0.116 * household wealth

-17,732 is a constant amount credited from the savings acount
367 is the amount saved per year of age
1300 is the amount saved per year of education
0.116 is the amount save per household wealth

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