Based on past experience, a bank believes that 8% of the people
who receive loans will not make their payments on time. The bank
has recently approved 200 loans.
a. Write about and check each of the conditions needed in the
context of this situation to use the Central Limit Theorem for the
proportion of people who will not make their payments on
time.
Conditions:
What are the mean and standard deviation of this model?
b. Mean =
c. Standard deviation (accurate to 4 decimal places) =
d. What is the probability that 10% or more of these clients will
not make timely payments to 4 decimal places?
Based On Past Experience A Bank Believes That 8 Of The People Who Receive Loans Will Not Make Their Payments On Time 1 (96.03 KiB) Viewed 77 times
Based on past experience, a bank believes that 8% of the people who receive loans will not make their payments on time. The bank has recently approved 200 loans. a. Write about and check each of the conditions needed in the context of this situation to use the Central Limit Theorem for the proportion of people who will not make their payments on time. Conditions: What are the mean and standard deviation of this model? b. Mean = O C. Standard deviation (accurate to 4 decimal places) = d. What is the probability that 10% or more of these clients will not make timely payments to 4 decimal places?
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