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Each month a bank adjusts the initial interest rate it offers to customers who wish to open a new high-yield savings account. The bank wants to determine if there is a relationship between the initial interest rate and the average daily number of new savings accounts. The bank plans to use the interest to predict the average number of new savings accounts opened in a month. Which one of the following statements is correct?
a. Both the interest rate and the average daily number of new accounts are explanatory variables.
b. Both the interest rate and the average daily number of new accounts are response variables.
c. Average daily number of new accounts is the response variable. Interest rate is the explanatory variable.
d. Interest rate is the response variable.
e. Average daily number of new accounts is the explanatory variable.

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Answer:

The corect option is C)

In the case study above, the Average daily number of new accounts is the reponse variable while the Interest rate is the explanatory variable.

Explanation:

Response variables are factors which are being observed to see how and whether or not they change. They are usually susceptible to "stimuli" or "stimulus".

Explanatory Variables, on the other hand, are the "stimuli" or "stimulus" in the equation. They are the factors in the equation which may or may not affect the response variable. When plotting graphs the former is situated on the Y-Axis and the latter on the X-Axis.

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