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Your son will be attending college next year and you would like to predict the likely level of financial aid that he might be awarded.
Your son will be attending college next year and you would like to predict the likely level of financial aid that he might be awarded. You estimate that your contribution will be assessed at $20,000 and that your son will rank at the 80th percentile in his class. Suppose you estimated the following model: FINAID_i=_0+_1 HSRANK_i+_2 PARENT_i+_i The Gretl output is Model 1: OLS, using observations 1-50 Dependent variable: FINAID Coefficient Std. Error t-ratio p-value const 8926.93 1739.08 5.1331 <0.0001 *** HSRANK 87.3782 20.6741 4.2264 0.0001 *** PARENT 0.356772 0.0316851 <0.0001 *** Mean dependent var 11676.26 S.D. dependent var 5365.233 Sum squared resid 3.61e+08 S.E. of regression 2771.209 R-squared 0.744104 Adjusted R-squared 0.733215 F(2, 47) 68.33425 P-value(F) 1.23e-14 Log-likelihood 465.7520 Akaike criterion 937.5040 Schwarz criterion 943.2401 Hannan-Quinn 939.6883 What is your predicted level of financial aid award? (2 points)
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