Consider the following log-level regression model that predicts the amount saved annually ($'000) by wage earners ( YrlySav), based on their age. log(YrlySav;) = 0.061 + 0.042Age; (0.015) (0.016) N =226 R- = 0.65 Where the standard errors are given in parentheses. (a) Interpret the coefficients for the intercept and the slope. (3 Marks) (b) Test whether Age has a significant positive effect on yearly savings at the 5% level of significance. (4 Marks) (c) Based on the model presented above, how much would you expect someone who is 42 years of age to be saving, on average each year? (4 Marks) (d) Comment on the explanatory power of the estimated model of savings given above. (4 Marks) (3 + 4 + 4 + 4 = 15 Marks)