The data in the attached Excel file shows the median age, median years of education, median income, median home value, marital status, and average bank balance of a banks customers. The bank would like to predict the average bank balance of customers using the other variables. Based on the data help the bank and answer the following questions. You are required to show all the necessary Excel formulas or models, wherever necessary, to get a full mark. Writing down the final answer only, without showing the Excel formula or model, costs you 75% of the mark assigned for that question.

Is the model significant? Why or why not? (1 Mark)

Are all the independent variables significant? Why or why not? (1 Mark)

Determine the best linear regression model? (1 Mark)

What would be the 95% interval for a customers average bank balance for the following data point: (Note: Use the best regression model you have identified above to answer this question.) (2 Marks)

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