Matthew walks 5/8 mile to the bus stop each morning how far will he walk in 5 days
2 answers:
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Answer:
0.9789 = 97.89% probability that fewer than three of these mortgages are delinquent.
Step-by-step explanation:
For each mortgage, there are only two possible outcomes. Either it is delinquent, or it is not. The probability of a mortgage being delinquent is independent of any other mortgage. This means that the binomial probability distribution is used to solve this question.
Binomial probability distribution
The binomial probability is the probability of exactly x successes on n repeated trials, and X can only have two outcomes.
In which is the number of different combinations of x objects from a set of n elements, given by the following formula.
And p is the probability of X happening.
8% of U.S. mortgages were delinquent last year.
This means that
A random sample of eight mortgages was selected.
This means that
What is the probability that fewer than three of these mortgages are delinquent?
This is:
In which
0.9789 = 97.89% probability that fewer than three of these mortgages are delinquent.