A banking executive is studying the role of trust in creating customer advocates, and how valuable trust is to the overall banking relationship. Based on study results, the executive has determined that 44% of banking customers have complete trust in their primary financial institution, 49% of banking customers have moderate trust in their primary financial institution, and 7% have minimal or no trust in their primary financial institution. Of the banking customers that have complete trust in their primary financial institution, 68% are very likely to recommend their primary financial institution; of the banking customers that have moderate trust in their primary financial institution, 20% are very likely to recommend their primary financial institution; and of the banking customers that have minimal or no trust in their primary financial institution, 3% are very likely to recommend their primary financial institution. (Data extracted from “Global Consumer Banking Survey-2014,” bit.ly/1gwJJuT.)
- Compute the
probability that if the banking customer indicates he or she is very likely to recommend his or her primary financial institution, the banking customer also has complete trust in his or her primary financial institution. - Compute the probability that the banking customer is very likely to recommend his or her primary financial institution.
Want to see the full answer?
Check out a sample textbook solutionChapter 4 Solutions
EBK BUSINESS STATISTICS
Additional Math Textbook Solutions
Research Methods for the Behavioral Sciences (MindTap Course List)
EBK STATISTICAL TECHNIQUES IN BUSINESS
Intro Stats, Books a la Carte Edition (5th Edition)
Statistics for Engineers and Scientists
Statistical Techniques in Business and Economics
- A doctor is concerned about the relationship between blood pressure and irregular heartbeats.Among her patients, she classifies blood pressures as high, normal, or low and heartbeats asregular or irregular and finds that:• 16% have high blood pressure;• 19% have low blood pressure; • 17% have an irregular heartbeat;• of those with an irregular heartbeat, 35% have high blood pressure; and• of those with normal blood pressure, 11% have an irregular heartbeat.What percentage of her patients have a regular heartbeat and low blood pressure?arrow_forwardA survey of 2645 consumers by DDB Needham Worldwide of Chicago for public relations agency Porter/Novelli showed that how a company handles a crisis when at fault is one of the top influences in consumer buying decisions,with 73% claiming it is an influence. Quality of product was the number one influence, with 96% of consumers stating that quality influences their buying decisions. How a company handles complaints was number two, with 85% of consumers reporting it as an influence in their buying decisions. Suppose a random sample of 1,200 consumers is taken and each is asked which of these three factors influence their buying decisions. Appendix A Statistical Tables a. What is the probability that more than 920 consumers claim that how a company handles a crisis when at fault is an influence in their buying decisions?b. What is the probability that fewer than 1,125 consumers claim that quality of product is an influence in their buying decisions?c. What is the probability that between…arrow_forwardA survey of 2645 consumers by DDB Needham Worldwide of Chicago for public relations agency Porter/Novelli showed that how a company handles a crisis when at fault is one of the top influences in consumer buying decisions, with 73% claiming it is an influence. Quality of product was the number one influence, with 96% of consumers stating that quality influences their buying decisions. How a company handles complaints was number two, with 85% of consumers reporting it as an influence in their buying decisions. Suppose a random sample of 1,100 consumers is taken and each is asked which of these three factors influence their buying decisions. Appendix A Statistical Tables a. What is the probability that more than 820 consumers claim that how a company handles a crisis when at fault is an influence in their buying decisions? b. What is the probability that fewer than 1,030 consumers claim that quality of product is an influence in their buying decisions? c. What is the probability that…arrow_forward
- Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw HillHolt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGALBig Ideas Math A Bridge To Success Algebra 1: Stu...AlgebraISBN:9781680331141Author:HOUGHTON MIFFLIN HARCOURTPublisher:Houghton Mifflin Harcourt