Question

Based on past experience, a bank believes that 8 % of the people who receive loans will not make payments on time. The bank has recently approved 200 loans.

What must be true in order to approximate the sampling distribution with a normal model?

What are the mean and standard deviation of this model? mean =

standard deviation (accurate to 3 decimal places) =

What is the probability that over 10% of these clients will not make timely payments?

Answer #1

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Based on past experience, a bank believes that 8 % of the people
who receive loans will not make payments on time. The bank has
recently approved 200 loans.
A. What must be true to be able to approximate the sampling
distribution with a normal model? (Hint: think Central Limit
Theorem) Assumptions:
B. What are the mean and standard deviation of this model?
mean =
standard deviation (accurate to 3 decimal places) =
C. What is the probability that over...

Based on past experience, a bank believes that 9 % of the people
who receive loans will not make payments on time. The bank has
recently approved 200 loans.
What assumptions must be true to be able to approximate the
sampling distribution with a normal model? Assumptions:
Incorrect
What are the mean and standard deviation of this model? mean
=
Correct standard deviation (accurate to 3 decimal places) =
Incorrect
What is the probability that over 10% of these clients...

Based on past experience, a bank believes that 9.3 % of the
people who receive loans will not make payments on time. The bank
has recently approved 240 loans. What must be true to be able to
approximate the sampling distribution with a normal model? Before
proceeding, think about whether the conditions have been met. What
are the mean and standard deviation of the sampling distribution of
the proportion of people who will not make payments on time in
samples...

Based on past experience, a bank believes that 11 % of the
people who receive loans will not make payments on time. The bank
has recently approved 100 loans. Answer the following questions.
a) What are the mean and standard deviation of the proportion of
clients in this group who may not make timely payments? mu left
parenthesis ModifyingAbove p with caret right parenthesis
equalsnothing.

Based on past experience, a bank believes that 11% of the
people who receive loans will not make payments on time. The bank
has recently approved 300 loans.
What is the probability that over 14% of these clients will not
make timely payments?

Based on past experience, a bank believes that 7% of the people
who receive loans will not make payments on time. The bank has
recently approved 250 loans. What is the probability that between
4% and 6% of these clients will not make timely payments?

In a survey question
where the response is to be YES or
NO, past experience indicates that 32% of people
will respond YES. If 10 people are surveyed, find
the probability that exactly 5 people will respond
YES. (1 mark)
2. Using the same
situation as above, but past experience indicates that 60% will
respond YES, find the probability that 8 or more
people will respond YES. (1 mark)
3. If the
average square footage of homes in a given neighbourhood...

1. It is known from past experience, that 10%(0.10) of the items
produced by a machine are defective. In a new study, a random
sample of 75 items will be selected and checked for defects.
A. What is the Mean (expected value), Standard Deviation, and
Shape of the sampling distribution of the sample proportion for
this study?
B. What is the probability that the sample proportion of defects
is more than 13%(0.13)?
C. What is the probability that the sample...

Keystone is curious how likely they are to reach their annual
revenue target. Past experience suggests that annual revenue
follows a typical bell-shaped distribution, with a mean of $32
million and a standard deviation of $4 million. Keystone has set a
revenue goal of $35 million for this year. How likely are they to
reach the target based on the historical data? In order to remain
in good standing with investors, Keystone needs to make at least
$26 million. What...

1)A population of values has a normal distribution with
μ=74.3μ=74.3 and σ=37.4σ=37.4. You intend to draw a random sample
of size n=137n=137.
Find the probability that a single randomly selected value is
less than 72.1.
P(X < 72.1) =
Find the probability that a sample of size n=137n=137 is
randomly selected with a mean less than 72.1.
P(¯xx¯ < 72.1) = (Enter your answers as numbers
accurate to 4 decimal places.)
2)CNNBC recently reported that the mean annual cost of...

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