SOLUTION: Historical data collected at American Nationwide Mortgage revealed that 80% of all customers applying for a loan are accepted. Suppose that 50 new loan applications are selected at
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Question 61688: Historical data collected at American Nationwide Mortgage revealed that 80% of all customers applying for a loan are accepted. Suppose that 50 new loan applications are selected at random.
a) What is the probability that at least 42 loan applications will be accepted?
b) What is the probability that more than 40 loan applications will be accepted?
c) What is the probability that less than 25 loan applications will be accepted?
d) What is the probability that less than 5 loan applications will be rejected?
e) What is the probability that more than 30 loan applications will be accepted?
You can put this solution on YOUR website! Historical data collected at American Nationwide Mortgage revealed that 80% of all customers applying for a loan are accepted. Suppose that 50 new loan applications are selected at random.
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Comment/Question
These are all binomial probability problems. Do you know how to
set them up for z-transformation, or use your binomial tables, or
to use a TI calculator to find these answers?
Cheers,
Stan H.
a) What is the probability that at least 42 loan applications will be accepted?
b) What is the probability that more than 40 loan applications will be accepted?
c) What is the probability that less than 25 loan applications will be accepted?
d) What is the probability that less than 5 loan applications will be rejected?
e) What is the probability that more than 30 loan applications will be accepted?
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