Historical Data Collected at First of America Bank in Michigan

question 23

Short Answer

Historical data collected at First of America Bank in Michigan revealed that 80% of all customers applying for a loan are accepted. Suppose that 50 new loan applications are selected at random.
Find the expected value of the number of loans that will be accepted by the bank.
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Find the standard deviation of the number of loans that will be accepted by the bank.
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What is the probability that at least 42 loans will be accepted?
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What is the probability that the number of loans rejected is between 10 and 15, inclusive?
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Definitions:

New Zealand

A country located in the southwestern Pacific Ocean, consisting of two main islands, the North Island and the South Island, known for its stunning landscapes and rich Maori culture.

Survival Rates

The proportion of individuals surviving within a certain period of time after diagnosis or treatment of a particular condition or disease.

Family Businesses

Enterprises managed and/or owned by members of the same family, often characterized by unique traditions and values.

Second Generation

Often refers to the offspring of immigrants in a new country, though it can also denote the subsequent version or iteration of a product or technology.