Thirty employed single individuals were randomly selected to examine the relationship between their age (Age) and their credit card debt (Debt) expressed as a percentage of their annual income. Three polynomial models were applied and the following table summarizes Excel's regression results. What is the value of the test statistic for testing H₀: β₂ = β₃ = 0 against H_A: β₂ ≠ 0 or β₃ ≠ 0 in the model Debt = β₀ + β₁Age + β₂Age²^{+ β}₃Age³+ ε?

Question

Thirty employed single individuals were randomly selected to examine the relationship between their age (Age) and their credit card debt (Debt) expressed as a percentage of their annual income. Three polynomial models were applied and the following table summarizes Excel's regression results.

What is the value of the test statistic for testing H₀: β₂ = β₃ = 0 against H_A: β₂ ≠ 0 or β₃ ≠ 0 in the model Debt = β₀ + β₁Age + β₂Age²^{+ β}₃Age³+ ε?

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The Answer of Thirty employed single individuals were randomly selected to examine the relationship between their age (Age) and their credit card debt (Debt) expressed as a percentage of their annual income. Three polynomial models were applied and the following table summarizes Excel's regression results. What is the value of the test statistic for testing H₀: β₂ = β₃ = 0 against H_A: β₂ ≠ 0 or β₃ ≠ 0 in the model Debt = β₀ + β₁Age + β₂Age²^{+ β}₃Age³+ ε?

Thirty Employed Single Individuals Were Randomly Selected to Examine the Relationship