The retention rate of a particular brand of engine oil in 2013 is 87%. If 6,000,000 customers purchased the brand in 2012, how many of these customers purchased the same brand in 2013?
I'm not totally sure about this, but I think the retention rate is the percentage of 2012 customers who came back in 2013. So I'll multiply 6,000,000 by 0.87 to find the number of returning customers.
Wait, I'm a bit confused. Is the retention rate the same as the percentage of customers who purchased the same brand in 2013? Or do I need to do some other calculation?
Okay, let's think this through step-by-step. The question gives us the retention rate of 87% and the number of customers in 2012. To find the number of customers in 2013, we need to take 87% of the 2012 customers.
Alright, let's think this through. If the retention rate is 87%, that means 87% of the 6,000,000 customers purchased the same brand in 2013. Time to break out the calculator!
Clement
4 months agoGearldine
4 months agoKayleigh
4 months agoJerrod
4 months agoAide
4 months agoMarci
5 months agoBernadine
5 months agoLindsey
5 months agoGerman
5 months agoJackie
5 months agoAnnmarie
6 months agoLauran
6 months agoSage
6 months agoAntonette
6 months agoVivan
7 months agoSerina
7 months agoShalon
6 months agoJoaquin
6 months agoTamra
6 months agoMaurine
6 months agoJustine
8 months agoLeonard
8 months agoRochell
7 months agoEnola
8 months agoLuther
8 months agoTamra
8 months agoGail
7 months agoLeota
7 months agoJunita
8 months agoRodolfo
8 months agoBillye
7 months agoCyndy
9 months agoLeah
8 months agoFreeman
8 months ago