A bank developed a model for predicting the average checking and savings account balance as

balance=16,948+371age+1,131years

education+0.113household

wealth.

a. Explain how to interpret the numbers in this model.

b. Suppose that a customer is

30

years old, is a college graduate (so that years

education=16),

and has a household wealth of

$190,000.

What is the predicted bank balance?