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A financial services company is interested in examining the relationship between the age of an individual and their wealth to make more informed recommendations. They
A financial services company is interested in examining the relationship between the age of an individual and their wealth to make more informed recommendations. They use client data to estimate the following models. Note, Age is measured in years and Wealth is the total dollar amount the individual has saved in dollars. Assume each of the explanatory variables are significant at the level.
Model
Estimated Regression Equation: Wealth Age
GoodnessofFit Measures: Adjusted
Model
Estimated Regression Equation: widehat Wealth Age
GoodnessofFit Measures: Adjusted
Using the estimates in Model and your findings from the previous question, find the maximum average wealth. Round your answer to the nearest dollar. Hint, drawing a picture for these models can be useful.
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