The Credit Risk Department of a major bank estimates the default rate on loans under  $10,000  to be  1% . The bank will make  1100  loans that are under  $10,000  next month.   Answer the following. (If necessary, consult a list of formulas.) (a)Find the mean of  p , where  p  is the proportion of defaults on the  1100  loans under  $10,000  to be made next month.   (b)Find the standard deviation of  p .   (c)Compute an approximation for  P≥p0.02 , which is the probability that  2%  or more of next month's loans under  $10,000  will be defaulted on. Round your answer to four decimal places.

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