Records over the past year show that 1 out of 385 loans made by Mammon Bank have defaulted. Find the probability that 5 or more out of 295 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.)
Records over the past year show that 1 out of 385 loans made by Mammon Bank have defaulted. Find the probability that 5 or more out of 295 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.)
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 11ECP: A manufacturer has determined that a machine averages one faulty unit for every 500 it produces....
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Records over the past year show that 1 out of 385 loans made by Mammon Bank have defaulted. Find the probability that 5 or more out of 295 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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