The Binomial Random Variable X Consists of N = 60

question 36

Short Answer

The binomial random variable x consists of n = 60 trials and has the probability of failure q = .4. Using the normal approximation, compute the probability of 45 successes.

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Definitions:

Title Insurance

Insurance policy that protects property buyers and lenders against loss or damage due to defects or issues with the property's title.

Real Property

Land, and generally whatever is erected or growing on or affixed to the land, including buildings and crops.

Mortgagee

The lender or financial institution in a mortgage agreement, holding the mortgage as security for the loan.

Debtor

An individual or entity that owes a debt to another party, often in the context of financial obligations.