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SCENARIO 13-18
A logistic regression model was estimated in order to predict the probability that a randomly chosen university or college would be a private university using information on mean total Scholastic Aptitude Test score (SAT) at the university or college and whether the TOEFL criterion is at least 90 (Toefl90 = 1 if yes, 0 otherwise.) The dependent variable, Y, is school type (Type = 1 if private and 0 otherwise).There are 80 universities in the sample.
The PHStat output is given below:
Binary Logistic Regression
-Referring to SCENARIO 13-18, what is the p-value of the test statistic when testing whetherToefl90 makes a significant contribution to the model in the presence of SAT?
Annuity
An annuity is a financial product that pays out a fixed stream of payments to an individual, typically used as an income stream for retirees.
Payments
Transactions made by individuals or entities to fulfill obligations or purchase goods and services.
Compounded Monthly
A method of calculating interest where the interest earned each month is added to the principal, thus earning interest in subsequent months.
RRSP
Registered Retirement Savings Plan, a Canadian account for holding savings and investment assets with tax benefits for retirement.
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