Chapter 1, Problem 9PE

A bank developed a model for predicting the average checking and savings account balance as $balance=-17,732+367\times age+1,300\times \text{years education}+0.116\times \text{household wealth}\text{.}$

1. Explain how to interpret the numbers in this model.
2. Suppose that a customer is 32 years old, is a college graduate $\left(sothatyearseducation=16\right),$ and has a household wealth of $150,000. What is the predicted bank balance?