Asked by
ojuolape ogundipe
on Dec 01, 2024Verified
Based on past experience,a bank believes that 5% 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 6% of these clients will not make timely payments?
A) 0.215
B) 0.573
C) 0.786
D) 0.427
E) 0.794
Timely Payments
Refers to the act of paying dues or bills on or before the due date.
Loans
Money that is borrowed, often from a bank, that is expected to be paid back with interest.
Probability
An assessment of the chance that an event will take place.
- Grasp the concept of utilizing probability for the assessment of outcomes for random samples in various environments.
- Ascertain the probability of certain outcomes based on familiar population fractions and the quantity of the sample.
Verified Answer
SR
Learning Objectives
- Grasp the concept of utilizing probability for the assessment of outcomes for random samples in various environments.
- Ascertain the probability of certain outcomes based on familiar population fractions and the quantity of the sample.