Question

Suppose that you want to estimate the probability that a randomly selected customer at a grocery store will pay by credit card. Over the last 3 months, there have been a total of 57,017 purchases, and 29,967 of them were paid for by credit card. What is the estimated probability that a randomly selected customer will pay by credit card?

A. 52.54%
B. 47.46%
C. 53.02%
D. 46.98%

Answer 1

To estimate the probability that a randomly selected customer will pay by credit card, we divide the number of purchases paid by credit card by the total number of purchases.

Step-by-step explanation:

To estimate the probability that a randomly selected customer at a grocery store will pay by credit card, we can divide the number of purchases paid for by credit card by the total number of purchases over the last 3 months. In this case, there were 29,967 purchases paid for by credit card out of a total of 57,017 purchases.

To find the estimated probability, we can use the formula:

Probability = (number of credit card purchases / total number of purchases) * 100%

Plugging in the given values, we have:

Probability = (29967 / 57017) * 100%

Calculating this, we get approximately 52.54%.