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Discovering the Probabilities

I know that the probability is .025 that an applicant at my bank will not be able to an installment loan. Last month we made 40 loans.

A. What is the probability that 3 loans will be defaulted?
B. What is the probability that at least 3 loans will be defaulted?

Solution Summary

This Solution contains calculations to aid you in understanding the Solution to these questions.

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