Question

A bank grants mortgage loans to 75​% of all applicants. The bank receives 23 mortgage applications...

A bank grants mortgage loans to 75​% of all applicants. The bank receives 23 mortgage applications next month. Assume that approvals are granted independently.

a. How many of the 23 applications are expected to be​ approved?

The expected number of approved applications is ...​ (Round to two decimal places.​)

b. What is the standard deviation of the number of approved​ applications?

The standard deviation of the number of approved applications is ... (Round to two decimal places.​)

c. How much total income can the appraiser expect to receive next​ month?

The appraiser can expect to receive a total of TL ... (Type in an integer.)

d. What is the variability of the​ appraiser's income?

The standard deviation of the amount of money the appraiser receives is ...​ (Type in an integer.)

Math   Statistics-And-Probability   
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Answer #1

Answer:

a) The expected number of applications that are expected to be approved is computed here as:

E(X) = np = 23 * 0.75 = 17.25
Therefore 17.25 applications are expected to be approved.

b) The standard deviation of the number of approved applications here is computed as:

= sqrt(23*075*0.25)

= 2.0766

Therefore 2.07 is the standard deviation of the number of approved applications.

data is missing in part c and d

NOTE:: i can answered only part a and b , part c and d data is missing

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