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+ β₃Age³+ ε,the following Excel partial output is available.What is the conclusion when testing the individual significance of Age³?

Question

Quizplus · Accepted Answer

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+ β₃Age³+ 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