Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. fraud detection has become an indispensable tool f

Fraud detection has become an indispensable tool for banks and credit card companies to combat...

50.1K

Verified Solution

Question

Accounting

Fraud detection has become an indispensable tool for banks and credit card companies to combat fraudulent credit card transactions. A fraud detection firm has detected minor fraudulent activities in 2.03% of transactions, and serious fraudulent activities in 0.62% of transactions. Assume that fraudulent transactions remain stable.Fraud detection has become an indispensable tool for banks and credit card companies to combat fraudulent credit card transactions.
A fraud detection firm has detected minor fraudulent activities in 203% of transactions, and serious fraudulent activities in 0.62% of
transactions. Assume that fraudulent transactions remain stable.
o. What is the probability that there are minor fraudulent activities in fewer than 2 out of 100 transactions?
Note: Do not round Intermedlate calculations. Round your final answer to 4 decimal places.
Probability
b. What is the probability that there are serious fraudulent activities in fewer than 2 out of 100 transactions?
Note: Do not round Intermedlate calculations. Round your final answer to 4 decimal places.
Probability
image

Answer & Explanation Solved by verified expert
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

Basic Math
1.2K views

y'=tan(x)^2(csc(y)^3)

Chemistry
1.2K views

1) Carbon dioxide and water combined typically make up 1-3% of our atmosphere, and yet, we...

Medical Sciences
1.2K views

fill in the blanks 1. The majority of connective tissue volume is matrix that consists of _______________...

Basic Math
1.2K views

Iron-deficiency anemia is the most common form of malnutrition in developing countries, affecting about 50% of...

General Management
1.2K views

1. Why is there no political will to consolidate regulation of the food industry into a...

Calculus
1.2K views

5 0 11 Points The toll T charged for driving on a certain stretch of...

Algebra
1.2K views

In Exercises 67 74 find the matrix A given the reduced row echelon form R...

Accounting
1.2K views

Each of A Corp.s and B Corp.s entire outstanding capital stock consists of 100 shares...

Accounting
1.2K views

Swifty Company had 100 units in beginning inventory at a total cost of $10,000. The...

Accounting
1.2K views

Maria Young is the sole stockholder of Purl of Great Price Company (POGP Company), which...

Accounting
1.2K views

(Accounting Question) Cindy Willis will invest $ 31,800 today. She needs $ 159,000...

Accounting
1.2K views

Markson Company had the following results of operations for the past year: A foreign company...