SOLUTION: In a certain country there is a bank failure once every six years on average. What is the probability of at least one bank failure in the next 30 years?
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Question 927983: In a certain country there is a bank failure once every six years on average. What is the probability of at least one bank failure in the next 30 years? Answer by 428225(90) (Show Source):
You can put this solution on YOUR website! Rate of 1 per 6 years
30/6 = 5
Therefore
Rate of 5 per 30 years
X~Po(5)
Then look at the Poisson table with lambda = 5
Then do 1-P(0) then you get your answer.
