Recent difficult economic times have caused an increase in the foreclosure rate of home mortgages. Statistics from the Penn Bank and Trust Company show their monthly foreclosure rate is now one loan out of every 136 loans. Last month the bank approved 300 loans. a. How many foreclosures would you expect the bank to have last month? (Round your answer to 4 decimal places.) b. What is the probability of exactly two foreclosures? (Round your answer to 4 decimal places.) c. What is the probability of at least one foreclosure? (Round your answer to 4 decimal places.)
Recent difficult economic times have caused an increase in the foreclosure rate of home mortgages. Statistics from the Penn Bank and Trust Company show their monthly foreclosure rate is now one loan out of every 136 loans. Last month the bank approved 300 loans. a. How many foreclosures would you expect the bank to have last month? (Round your answer to 4 decimal places.) b. What is the probability of exactly two foreclosures? (Round your answer to 4 decimal places.) c. What is the probability of at least one foreclosure? (Round your answer to 4 decimal places.)
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 50E: Flexible Work Hours In a recent survey, people were asked whether they would prefer to work flexible...
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Recent difficult economic times have caused an increase in the foreclosure rate of home mortgages. Statistics from the Penn Bank and Trust Company show their monthly foreclosure rate is now one loan out of every 136 loans. Last month the bank approved 300 loans.
a. How many foreclosures would you expect the bank to have last month? (Round your answer to 4 decimal places.)
b. What is the probability of exactly two foreclosures? (Round your answer to 4 decimal places.)
c. What is the probability of at least one foreclosure? (Round your answer to 4 decimal places.)
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