Question

credit card usage among college students
a university conducted a survey to understand credit card usage among its
students. the students were categorized based on their year: first year,
second year, and third year. the survey also distinguished between
students who pay their credit card balance in full each month and those
who carry a balance. the total number of students surveyed was 600.
what is the marginal relative frequency of students who pay their credit car
balance in full?

Explanation:

Step1: Recall the formula for marginal relative frequency

Marginal relative frequency = \(\frac{\text{Row/Column Total}}{\text{Grand Total}}\)
For students who pay in full, the column total is \(400\) and the grand total is \(600\).

Step2: Calculate the marginal relative frequency

\(\frac{400}{600}=\frac{2}{3}\approx0.67\)

Answer:

\(0.67\)