Use data in below to complete the following. You will need to use a statistical package such as StatTools or the Regression program within Excel’s Data Analysis Add-in to generate the estimated regression equation and the ANOVA etc.
- What is the estimated regression equation using Account Balance as the dependent variable, and Income, Years of Education, as well as Size of Household as the independent variable?
- Comment on the goodness of fit of the model using the coefficient of determination.
- Conduct an F test with the critical value approach to see whether the overall model is significant. Use ? = 0.01.
- Perform a t test with p-value approach for the significance of the Income variable. Use ? = 0.05.
- Perform a t test with the p-value approach for the significance of the Size of Household variable. Use ? = 0.05.
- Estimate the Account Balance of a customer who has an income of $62 thousand, 14 years of education, and a household size of 3.
- Attachment 1
- Attachment 2
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