Asked Sep 21, 2019

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.)


Expert Answer

Step 1

Image Transcriptionclose

required to Pind the Probeubility thod dufecive dn this Question, mo Sut 95 loans ane P(that a loan is dofaut ted ( 315 n 29


Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Related Statistics Q&A

Find answers to questions asked by student like you
Show more Q&A

Q: Calculate without using a calculator (Give your answer as a whole or exact number.) 92 log144 (12)

A: The power rule of logarithm is shown below


Q: Convert the following data to z scores to determine who scored above, below, and at the mean in this...

A: The mean of the sample is obtained below:From the given information, 40 observations of samples were...


Q: The population of a country is expected to drop by 30% over the next 50 years as the percent of its ...

A: Output:In Excel, enter the data in cells A1 to A7 (t) and B1 to B7 (P); the first row is for labels....


Q: The price (dollars per 1,000 board feet) of Douglas fir from western Washington and Oregon varies ac...

A: Triangular distribution:A continuous random variable X is said to follow triangular distribution if ...


Q: Suppose that a college of engineering has seven departments, which we denote by a, b, c, d, e,f, and...

A: Combination: The number of different selections of ‘r’ elements from a set of ‘n’ elements is denote...


Q: A senior accounting major at Midsouth State University has job offers from four CPA firms. To explor...

A: The critical value is obtained be using the Excel function “=F.INV.RT(probability value, degree of f...


Q: Companies who design furniture for elementary school classrooms produce a variety of sizes for kids ...

A: Given DataMean = 39.2Standard Deviation  = 1.9In this question sample size n is not given, for solvi...


Q: Can someone explain x-bar to me?

A: Here, it is given that we have to define what is x-bar.


Q: An insurance company will sell a fire insurance policy for a house similar to mine for $1000 (for on...

A: The table is shown below