The Credit Risk Department of a major bank estimates the default rate on loans under $10,000 to be 4%. The bank will make 2400 loans that are under $10,000 next month. Find the mean of ^p, where ^p is the proportion of defaults on the 2400 loans under $10,000 to be made next month.

The Credit Risk Department of a major bank estimates the default rate on loans under $10,000 to be 4%. The bank will make 2400 loans that are under $10,000 next month. Find the mean of ^p, where ^p is the proportion of defaults on the 2400 loans under $10,000 to be made next month.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.5: Comparing Sets Of Data

Problem 2GP

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Question

The Credit Risk Department of a major bank estimates the default rate on loans under $10,000 to be 4%. The bank will make 2400 loans that are under $10,000 next month.

Find the mean of ^p, where ^p is the proportion of defaults on the 2400 loans under $10,000 to be made next month.

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