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)

orchestra answered 1 year ago
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