Question

A bank randomly surveyed 50 of its customers by mail to find out how customers use its mobile banking service. The survey found that only 11 of the 50 customers used the service.
If the branch has 1,700 customers, about customers use the mobile banking service.
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Answer 1

To answer the problem above, use the concept of ratio and proportion. By letting x be the number of customers using the mobile banking service, the proportion may be expressed as,
 
                                        11 / 50 = x / 1,700

Solving x gives x = 374. Thus, out of 1700 customers, 374 use the mobile banking service.

Answer 2

The number of the bank's customers that make use of the service can

be found using equivalent ratios.

Response:

• The estimated of the number of customers to use the service are 374 customers

How can an estimate of all the bank's customers that will use the mobile banking service be found?

The given parameter are;

Number of customers surveyed = 50

Number of customers that used the service in the sample = 11

Required:

An estimate of the number of the bank's 1,700 customers that are

expected to used the mobile banking service.

Solution:

The  proportion  of the customers in  the sample that use the mobile

banking service is given a follows;

$p = \mathbf{ \dfrac{11}{50}}$

The number of customers that can be expected to use the service is can

be found using equivalent ratios as follows;

• $\mathbf{\dfrac{Number\ of \ customers}{Total \ number \ of \ customers}} = p$

Which gives;

Number of customers = Expected proportion × Total number of customers

Which gives;

$Estimate \ of \ number \ of \ customers =\dfrac{11}{50} \times 1,700 = \mathbf{374}$

• The estimated of the number of customers to use the service are 374

Learn more about equivalent ratios here:

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