customer's state of residence. Use the following scenario for Question 4 A bank wishes to understand the demographics and other characteristics associated with whether a customer accepts a credit card offer. They wish to design an experiment that will help them better understand the types of people who are likely to accept the credit card offer. The variables in the dataset are as follows: . Offer Accepted: Did the customer accept (Yes) or reject (No) the offer Reward: Type of reward program offered for the card - air miles, cash back, or points Mailer Type: Method by which the customer received the offer - letter or postcard Income Level: Low, medium, or high Credit Rating: Ranked as low, medium, or high Own Home: Does the customer own their own home - yes or no 4. (7 pts) The bank is considering one of three different experimental designs. They have identified 5,000 subjects who they will send out information to regarding the credit card. The response for all three is whether the customer accepted the offer. Nonresponses to the mailer will be ignored. Suppose also that there are 1,500 subjects with low incomes, 2,500 with medium incomes, and 1,000 with high incomes. Outline each of the three experimental designs described below either by drawing a picture or describing in words the process that should be undertaken. a. (2 pts) Use a completely randomized design using mailer type as the only factor. b. (2 pts) Use a block design using mailer type as the factor and income level as the block. c. (2 pts) Use a full factorial design using mailer type and reward type as the two factors. d. (1 pt) is blinding necessary for this experiment? Briefly explain why or why not. Mailertype: letter compare responses & non responses mailer type: post card a) sooo subjects random samples assignments customer's state of residence. Use the following scenario for Question 4 A bank wishes to understand the demographics and other characteristics associated with whether a customer accepts a credit card offer. They wish to design an experiment that will help them better understand the types of people who are likely to accept the credit card offer. The variables in the dataset are as follows: . Offer Accepted: Did the customer accept (Yes) or reject (No) the offer Reward: Type of reward program offered for the card - air miles, cash back, or points Mailer Type: Method by which the customer received the offer - letter or postcard Income Level: Low, medium, or high Credit Rating: Ranked as low, medium, or high Own Home: Does the customer own their own home - yes or no 4. (7 pts) The bank is considering one of three different experimental designs. They have identified 5,000 subjects who they will send out information to regarding the credit card. The response for all three is whether the customer accepted the offer. Nonresponses to the mailer will be ignored. Suppose also that there are 1,500 subjects with low incomes, 2,500 with medium incomes, and 1,000 with high incomes. Outline each of the three experimental designs described below either by drawing a picture or describing in words the process that should be undertaken. a. (2 pts) Use a completely randomized design using mailer type as the only factor. b. (2 pts) Use a block design using mailer type as the factor and income level as the block. c. (2 pts) Use a full factorial design using mailer type and reward type as the two factors. d. (1 pt) is blinding necessary for this experiment? Briefly explain why or why not. Mailertype: letter compare responses & non responses mailer type: post card a) sooo subjects random samples assignments