Gift Card Sales.For the holiday season of 2017, nearly 59 percent of consumers planned to buy gift cards. According to the National Retail Federation, millennials like to purchase gift cards (Dayton Daily News website). Consider the sample data in the file Gift Cards. The following data are given for a sample of 600 millennials: the amount they reported spending on gift cards over the last year, annual income, marital status (1 = yes, 0 = no), and whether they are male (1 = yes, 0 = no).

a.Write out the regression equation. Discuss each variable. For example do the signs of the coefficientsmake sense to you. For example ,what isthe impact of an additional$10,000 ofannual income , etc.

b.What is the value for Coefficient of Determination?. Interpret .

c.Conduct a global test on the set of independent variables. Interpret

d.Conduct a test of hypothesis on each of the independent variables.Would you consider deleting any of these variables? If so, which ones?

e.Using original equation, part a.What would be the estimated spend of a single male with annual income of $100,000?