Question

bank survey
a regional bank is analyzing its customer base to improve its services and offerings.
the bank categorizes its customers based on their preferred banking method (online vs. in person) and their primary account type (checking vs. savings). here is the collected data for a sample of 600 customers:

• 300 customers prefer online banking, with 180 primarily using a checking account.
• the total number of customers who prefer in - person banking and primarily use a savings account is 150.

the bank is interested in understanding the distribution and preferences of its customers to tailor its marketing strategies more effectively.
if a customer prefers in - person banking, what is the conditional relative frequency that they primarily use a savings account?

Explanation:

Step1: Calculate the number of in - person banking customers

Total customers = 600. Online banking customers = 300. So, in - person banking customers \(=600 - 300=300\)

Step2: Use the formula for conditional relative frequency

The formula for conditional relative frequency is \(\text{Conditional Relative Frequency}=\frac{\text{Number of favorable cases}}{\text{Total number of cases in the condition}}\)
Here, the number of favorable cases (in - person banking and savings account) is 150, and the total number of cases in the condition (in - person banking) is 300.
So, the conditional relative frequency \(=\frac{150}{300}=0.5\)

Answer:

\(0.5\)