. A bank has recently begun a new credit program. Customers meeting a certain credit requirement...

80.2K

Verified Solution

Question

Basic Math

. A bank has recently begun a newcredit program. Customers meeting a certain credit requirement canobtain a credit card accepted by participating area merchants thatcarries a discount. Past data show that about 35% of all applicantsfor this card are rejected. If we let X represent the number ofapplicants who are approved for this credit card, the probabilitiesfor the values of X can be calculated using the binomialprobability distribution. Please answer the following questionsbased on the information given in this problem.

a. If 15 individuals apply for thecredit card today what is the probability that none of them will berejected? Show your work.                                          (1point)                                                                                                                    

b. If 15 individuals apply for thecredit card today what is the probability of atmost 5 of them being rejected? Show yourwork.                                     (2 points)     

c. If 15 individuals apply for thecredit card today what is the probability of morethan 12 of them being approved? Show yourwork.                        (2points)           

d. If 15 individuals apply for thecredit card today what is the probability of lessthan half of them being approved? Show yourwork.                     (2points)                                                                                                                                                                                                                                                 

e. If 15 individuals apply for thecredit card today what is the probability of atleast 6 of them being rejected? Show yourwork.                                         (2points)           

f. How many rejections are expectedout of the 15 applications?      (1 point)    

g. Calculate and interpret the standard deviation for the numberof approvals out of the next 15 applications for the credit card.Show your work

Answer & Explanation Solved by verified expert
4.4 Ratings (910 Votes)
p 035 PX x nCx px 1 pn x a PX 0 15C0 0350 06515 00016 b PX 12 PX 13 PX 14 PX 15 15C13 03513 0652 15C14 03514    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students