Question
In: Statistics and Probability
*Please answer the following question using R code* 3. A bank wants to get new customers...
*Please answer the following question using R code*
3. A bank wants to get new customers for their credit card. They try two different approaches in their marketing campaign. The first promises a "cash back" reward, and the second promises low interest rates. A sample of 500 people is mailed the first brochure; of these, 125 get the credit card. A separate sample of 500 people is mailed the second brochure; 150 get the credit card. Are the two campaigns equally attractive to customers? Compute a 95% confidence interval for the difference in the two proportions. Answer the question of interest by interpreting your result.
Solutions
Expert Solution
3.
sample 1 : cashback
p1 = 125 out of 500
sample 2 : low interest rate
p2 = 150 out of 500
95% confidence interval :
p = p1 - p2
we have 95% confidence interval : [-0.105 < p1 - p2 < 0.005]
in our case :
p1 = 125/500 = 0.25
p2 = 150/500 = 0.30
we get p1 - p2 = -0.05
which is within our confidence interval
so, we can say that the two campaigns equally attractive to customers
(please UPVOTE)
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