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:

Birthright

A right or privilege that one is entitled to at birth, often pertaining to citizenship or familial inheritance.

Liberty

Living without the influence of restricting authority over one’s personal life choices, behaviors, or political ideologies within the social order.

Colonies

Territories under the political control of an outside power, often settled by people from that power and exploited for economic benefit.

Navigation Acts

A series of British laws that regulated colonial trade and enabled England to collect taxes from its colonies by controlling goods shipped to and from the colonies.