Examlex

Solved

Are Customers More Loyal in the East or in the West

question 23

Multiple Choice

Are customers more loyal in the East or in the West? The following table is based on information from Trends in the United Sates, published by the food marketing Institute, Washington, D.C. The columns represent loyalty (in years) at a primary supermarket. The rows represent regions of the United States.  Less Than 123459101415 or More  Row Total 1 Year  Years  Years  Years  Years  Years  East 32545911277118452 Midwest 31686812063173523 South 539293158106158660 West 415667784586373 Column Total 1572702874682915352008\begin{array} { l c r r r r r r } &\text { Less Than } & 1-2 & 3-4 & 5-9 & 10-14 & 15 \text { or More } & \text { Row Total } \\&1 \text { Year } & \text { Years } & \text { Years } & \text { Years } & \text { Years } & \text { Years }\\\text { East } & 32 & 54 & 59 & 112 & 77 & 118 & 452 \\\text { Midwest } & 31 & 68 & 68 & 120 & 63 & 173 & 523 \\\text { South } & 53 & 92 & 93 & 158 & 106 & 158 & 660 \\\text { West } & 41 & 56 & 67 & 78 & 45 & 86 & 373 \\\text { Column Total } & 157 & 270 & 287 & 468 & 291 & 535 & 2008\end{array} What is the probability that a customer chosen at random has been loyal 5 or more years given that he or she is from the Midwest? Round your answer to the nearest thousandth.


Definitions:

Interest Rate

The portion of the loan that applies interest costs to the borrower, generally formulated as an annual percentage of the still outstanding loan amount.

Investment

The allocation of resources, usually money, in the expectation of generating an income or profit.

Gross Investment

The total amount spent on new capital assets before accounting for depreciation, reflecting an economy's investment levels.

Plant And Equipment

Physical assets of a business that are permanent structures or fixed machinery used in operations.

Related Questions