How would we convert this in Excel, income>=50k, convert to 1; If income<50k, convert to 0.
Suppose we have the excel sheet with Column : Income with lots of Entries.
Use: =if(Logical_test,[value_if_True],[value_if_false])
here
Logical test: in your case it is income>=50000
value_if_True: if this condition True we need 1
value_if_false: if condition fails we need 0
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