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.
given a student is a first year, what is the conditional relative frequency that they pay their credit card balance in full?

Explanation:

Step1: Recall the formula for conditional relative frequency

Conditional relative frequency \(=\frac{\text{Number of favorable outcomes}}{\text{Total number of outcomes in the given condition}}\)

Step2: Identify the values from the table

The number of first - year students who pay in full is \(120\), and the total number of first - year students is \(200\)

Step3: Calculate the conditional relative frequency

\(\frac{120}{200}=0.6\)

Answer:

\(0.6\)