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StatisticsQ&A LibraryRecords over the past year show that 1 out of 345 loans made by Mammon Bank have defaulted. Find the probability that 2 or more out of 295 loans will default. Hint: Is it appropriate to use the Poisson approximation to the binomial distribution? (Round λ to 1 decimal place. Use 4 decimal places for your answer.)Question

Asked Sep 21, 2019

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Records over the past year show that 1 out of 345 loans made by Mammon Bank have defaulted. Find the probability that 2 or more out of 295 loans will default. *Hint:* Is it appropriate to use the Poisson approximation to the binomial distribution? (Round λ to 1 decimal place. Use 4 decimal places for your answer.)

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