Find the probability that 1 or more out of 350 loans will default. H
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter9: Counting And Probability
Section9.3: Binomial Probability
Problem 2E: If a binomial experiment has probability p success, then the probability of failure is...
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Records over the past year show that 1 out of 305 loans made by Mammon Bank have defaulted. Find the probability that 1 or more out of 350 loans will default. Hint: Is it appropriate to use the Poisson approximation to the binomial distribution? (Round ? to 1 decimal place. Use 4 decimal places for your answer.)
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