Although I haven't read your experimental protocol, my suspicion is that you are intended to determine the equilibrium constant via method 3 (relative concentrations of all species at equilibrium), not via method 1 (forward and backward rates). Monitoring the conductivity as a function of time is mostly so you know when equilibrium has been reached (when the conductivity no longer changes), not so you can calculate a rate constant.
If all this is the case, the trick is for you to determine how you can calculate the concentration of all the reactants/products in solution at equilibrium.
Toward that end, I would start with writing a balanced equation for the reaction as well as an expression to determine the equilibrium constant from the equilibrium concentrations. Not only will the first part be critical toward the second part, but it will also help you answer the third critical question: why does the conductivity change as the reaction proceeds, and how do you relate that to equilibrium concentrations of products and reactants?
Lot to think about!
Did your teacher give you any guidance at all about how to go about solving this problem?