Fifty-Five Percent of the Applications Received for a Particular Credit

question 37

Essay

Fifty-five percent of the applications received for a particular credit card are accepted. Among the next twelve applications,
a.what is the probability that all will be rejected?
b.what is the probability that all will be accepted?
c.what is the probability that exactly 4 will be accepted?
d.what is the probability that fewer than 3 will be accepted?
e.Determine the expected number and the variance of the accepted applications.

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Definitions:

Symbolic Interaction

Refers to the process by which individuals use symbols and language to interact and communicate, creating shared meanings.

Herbert Blumer

An American sociologist known for developing Symbolic Interactionism, a theory that examines how individuals create meanings through social interaction.

Gestures

Non-verbal communication actions performed with parts of the body, often the hands, to convey messages or emotions.

Sheldon Stryker

An influential sociologist known for his work on identity theory, emphasizing the role of social structures in shaping individual identity through internalized societal roles.