Question

Records over the past year show that 1 out of 380 loans made by Mammon Bank have defaulted. Find the probability that 4 or more out of 345 loans will default. Hint: Is it appropriate to use the Poisson approximation to the binomial distribution? (Round λ to 1 decimal place. Use 4 decimal places for your answer.)

Answer #1

Records over the past year show that 1 out of 350 loans made by
Mammon Bank have defaulted. Find the probability that 2 or more out
of 290 loans will default. Hint: Is it appropriate to use the
Poisson approximation to the binomial distribution? (Round λ to 1
decimal place. Use 4 decimal places for your answer.)

1-If the records show that the probability of failing (with
grade F) this course is p, [ use the answer of question 22 above as
the probability, p, here], what is the probability that at most 2
students out of 16 fail this course? {Hint: use binomial
distribution} (P=0.0625)
2-If the records show that the probability for a student to get
a grade B this course is p, [ use the answer of question 19 above
as the probability, p,...

1. The sales records of a real estate agency show the following
dailysales over the past 200 days. Convert this frequency table
into an empirical probability distribution, then answer the
question: What is the maximum usual number of houses sold in one
day? Round your answer to two decimal places.
Houses sold : 0,1,2,3,4
Number of days: 50,87,43,15,5
2. Find the standard deviation of the probability distribution
for the random variable x, which represents the number of cars per
household...

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 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?

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 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...

The value of mortgage loans made by a certain bank one year were
normally distributed with a mean of $120,000 and a standard
deviation of $40,000. What is the probability that a randomly
selected mortgage loan was in the range of $40,000 to $200,000?
(Round your answer to 4 decimal places).[

Past records indicate that the probability of online retail
orders that turn out to be fraudulent is 0.07. Suppose that, on a
given day, 18 online retail orders are placed. Assume that the
number of online retail orders that turn out to be fraudulent is
distributed as a binomial random variable. Complete parts (a)
through (d) below.
a. What are the mean and standard deviation of the number of
online retail orders that turn out to be fraudulent?
The mean...

Poisson Distribution: p(x,
λ) = λx exp(-λ)
/x! , x = 0, 1, 2, …..
Find the moment generating function Mx(t)
Find E(X) using the moment generating function
2. If X1 , X2 ,
X3 are independent and have means 4, 9, and
3, and variencesn3, 7, and 5. Given that Y =
2X1 - 3X2 +
4X3. find the
mean of Y
variance of Y.
3. A safety engineer claims that 2 in 12 automobile accidents
are due to driver fatigue. Using the formula for Binomial
Distribution find the...

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