Based on past experience, a bank believes that 6% of the people who receive loans will not make payments on time. The bank has recently approved 400 loans.a) What are the mean and standard deviation of the proportion of clients in this group who may not make paymentsb) What is the probability that at least 34 of these clients will not make timely payments? Please use normal approximation to the binomial distribution.
Based on past experience, a bank believes that 6% of the people who receive loans will not make payments on time. The bank has recently approved 400 loans.a) What are the mean and standard deviation of the proportion of clients in this group who may not make paymentsb) What is the probability that at least 34 of these clients will not make timely payments? Please use normal approximation to the binomial distribution.
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter13: Probability And Calculus
Section13.2: Expected Value And Variance Of Continuous Random Variables
Problem 10E
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Based on past experience, a bank believes that 6% of the people who receive loans will not make payments on time. The bank has recently approved 400 loans.
a) What are the mean and standard deviation of the proportion of clients in this group who may not make payments
b) What is the
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