Required: 1. Use methods of descriptive statistics to summarize the data. Comment on the findings. 2. Develop estimated regression equations, first using annual income as the in- dependent variable...

Required:

1. Use methods of descriptive statistics to summarize the data. Comment on the findings.

2. Develop estimated regression equations, first using annual income as the in- dependent variable and then using household size as the independent variable. Which variable is the better predictor of annual credit card charges? Discuss your findings.

3. Develop an estimated regression equation with annual income and household size as the independent variables. Discuss your findings.

4. What is the predicted annual credit card charge for a three-person household with an annual income of $40,000?

5. Discuss the need for other independent variables that could be added to the model. What additional variables might be helpful?
Task 2                                                                                                                   5 Marks
The data set for assignment you can find on Blackboard in the folder assignment.

Required:

Activity 01:
Enter all data from the spreadsheet “Data for Assignment “into Excel.