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

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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
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