The Credit Risk Department of a major bank estimates the default rate on loans under $10,000 to be 5%. The bank will make 1900 loans that are under 510,000 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 1900 loans under $10,000 to be made next month. (b) Find the standard deviation of p. (c) Compute an approximation for P(p <0.06), which is the probability that 6% or fewer of next month's loans under $10,000 will be defaulted on. Round your answer to four decimal places.

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Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.