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. For the cubic model, Debt = β₀+ β₁Age + β₂Age²^{+ β}₃Age³+ ε, the following Excel partial output is available. What is the conclusion when testing the individual significance of Age³?

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.

For the cubic model, Debt = β₀+ β₁Age + β₂Age²^{+ β}₃Age³+ ε, the following Excel partial output is available. What is the conclusion when testing the individual significance of Age³?

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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. For the cubic model, Debt = β₀+ β₁Age + β₂Age²^{+ β}₃Age³+ ε, the following Excel partial output is available. What is the conclusion when testing the individual significance of Age³?

Thirty Employed Single Individuals Were Randomly Selected to Examine the Relationship