Based on past experience, a bank believes that 8.9 % of the people who receive loans will not make payments on time. The bank has recently approved 230 loans.What must be true to be able to approximate the sampling distribution with a normal model? Before proceeding, think about whether the conditions have been met.What are the mean and standard deviation of the sampling distribution of the proportion of people who will not make payments on time in samples of 230?mean, as a decimal = standard deviation (accurate to 3 decimal places) = What is the probability that over 10% of the clients in the group of 230 clients will not make timely payments? (accurate to 3 decimal places) (Remember: do not use rounded results in later calculations; rather use the value from prior-to-rounding.)
Compound Probability
Compound probability can be defined as the probability of the two events which are independent. It can be defined as the multiplication of the probability of two events that are not dependent.
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Probability theory is a branch of mathematics that deals with the subject of probability. Although there are many different concepts of probability, probability theory expresses the definition mathematically through a series of axioms. Usually, these axioms express probability in terms of a probability space, which assigns a measure with values ranging from 0 to 1 to a set of outcomes known as the sample space. An event is a subset of these outcomes that is described.
Conditional Probability
By definition, the term probability is expressed as a part of mathematics where the chance of an event that may either occur or not is evaluated and expressed in numerical terms. The range of the value within which probability can be expressed is between 0 and 1. The higher the chance of an event occurring, the closer is its value to be 1. If the probability of an event is 1, it means that the event will happen under all considered circumstances. Similarly, if the probability is exactly 0, then no matter the situation, the event will never occur.
Based on past experience, a bank believes that 8.9 % of the people who receive loans will not make payments on time. The bank has recently approved 230 loans.
What must be true to be able to approximate the sampling distribution with a normal model? Before proceeding, think about whether the conditions have been met.
What are the mean and standard deviation of the sampling distribution of the proportion of people who will not make payments on time in samples of 230?
mean, as a decimal =
standard deviation (accurate to 3 decimal places) =
What is the
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