SOLUTION: according to the mortgage banker association, 8% of U.S. mortgages were delinquent in 2011. a random sample of eight mortgages was selected. what is the probability that one or mor

Question 982025: according to the mortgage banker association, 8% of U.S. mortgages were delinquent in 2011. a random sample of eight mortgages was selected. what is the probability that one or more of these mortgages is delinquents?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
according to the mortgage banker association, 8% of U.S. mortgages were delinquent in 2011. a random sample of eight mortgages was selected. what is the probability that one or more of these mortgages is delinquents?
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Binomial Problem with n = 8 and p(delinquent) = 0.08
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P(at least one) = 1 - P(none)
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P(1<= x <=8) = 1 - P(x=0) = 1 - 0.92^8 = 1 - 0.5132 = 0.4868
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Cheers,
Stan H.
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