Based on past experience, a bank believes that 6% of the people who receive loans will not make payments on time. The bank has recently appr

Question

Based on past experience, a bank believes that 6% of the people who receive loans will not make payments on time. The bank has recently approved 300 loans. What is the probability that over 8% of these clients will not make timely payments

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King 6 months 2021-08-17T07:09:53+00:00 1 Answers 3 views 0

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    2021-08-17T07:11:52+00:00

    Answer:

    0.11685

    Step-by-step explanation:

    Given that :

    Mean, p= 6% = 0.06

    x = 8%,, x = 0.08

    Probability that over 8% will not make timely payment :

    Standard deviation (σ) = sqrt[(pq) /n]

    q = 1 – p = 1 – 0.06 = 0.94

    σ = sqrt[(0.06*0.94)/200)] = sqrt(0.000282) = 0.0167928

    Obtain the Z score :

    P(x > 0.08) = (0.08 – 0.06) / 0.0167928

    P(x > 0.08) = 0.02 / 0.0167928

    P(x > 0.08) = 1.1909826

    P(Z > 1.1909) = 0.11685 (Z probability calculator)

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