I would appreciate of you could help me with this question.

1//. Some researchers proposed using a dummy variable for whether the individual grew up near a 4-year college (nearc4 in the data set) as an instrument. Why might this be a good instrument for the level of schooling? Does the following regression of years of education on whether an individual grew up near a college (and other controls) corroborate your reasoning? Source SS MS Number of obs =( 3010 F( 6, 3003) 67 -29 Model | 2555 . 48762 6 425 . 914603 Prob > F 0. 0000 Residual | 19006 . 5924 3003 6. 32920161 R-squared 0 . 1185 Adj R-squared 0. 1168 Total | 21562.0801 3009 7.1658 6243 Root MSE = 2. 5158 ed76 1 Coef. Std. Err. t P>ItI [95 % Conf. Interval] age7 6 1. 061441 . 3013985 3 . 52 0. 000 . 4704727 1 . 65241 age762 -.0187598 - 0052314 -3.59 0.000 - . 0290173 -. 0085024 Iblack 1 | -1. 468367 . 1154434 -12.72 0.000 -1. 694723 -1 . 242011 Ismsa76 1 | . 8354027 . 1092524 7 . 65 0. 000 . 621 1856 1 . 04962 Isouth76I -4596997 - 1024337 -4. 49 0.000 -. 6605469 -. 2588524 Inearc4 1 - 347105 - 1069972 3. 24 0 . 001 . 137 3098 . 5569002 cons -1. 869524 4. 298357 -0 . 43 0 .664 -10.29755 6. 558497