What is the main idea of the following poem? Fire and Ice by Robert Frost Some say the world will end in fire, Some say in ice.
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Using the binomial distribution, it is found that there is a 0.9513 = 95.13% probability that less than three of these mortgages are delinquent.
For each mortgage, there are only two possible outcomes, either they are delinquent or they are not. The probability of a mortgage being delinquent is independent of any other mortgage, hence the binomial distribution is used to solve this question.
<h3>What is the binomial distribution formula?</h3>The formula is:
The parameters are:
- x is the number of successes.
- n is the number of trials.
- p is the probability of a success on a single trial.
In this problem:
- 11% of mortgages were delinquent last year, hence p = 0.11.
- A random sample of eight mortgages was selected, hence n = 8.
The probability that less than three of these mortgages are delinquent is:
In which:
Then:
0.9513 = 95.13% probability that less than three of these mortgages are delinquent.
You can learn more about the binomial distribution at brainly.com/question/24863377