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 150 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.
based on the data, what is the marginal relative frequency of customers preferring online banking?

Explanation:

Step1: Recall the formula for marginal relative frequency

Marginal relative frequency = \(\frac{\text{Frequency of the category}}{\text{Total number of data points}}\)

Step2: Identify the frequency of customers preferring online banking and the total number of customers

The frequency of customers preferring online banking is \(300\), and the total number of customers is \(600\).

Step3: Calculate the marginal relative frequency

\(\frac{300}{600}=0.5\)

Answer:

None of the provided options (0.6, 0.4, 0.3, 0.5) is correct. The marginal relative frequency of customers preferring online banking is \(0.5\).