Suppose that 20% of credit cards have an outstanding balance at the credit card limit. A bank

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Suppose that 20% of credit cards have an outstanding balance at the credit card limit. A bank manager randomly selects 15 customers and finds 4 that have balances at the limit. Assume that the properties of the binomial distribution apply.

a. What is the probability of finding 4 customers in a sample of 15 who have “maxed out” their credit cards?

b. What is the probability that 4 or fewer customers in the sample will have balances at the limit of the credit card?

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Business Statistics

ISBN: 9781292220383

10th Global Edition

Authors: David Groebner, Patrick Shannon, Phillip Fry

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Question Posted: Sep 19, 2024 06:01 PM

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Suppose that 20% of credit cards have an outstanding balance at the credit card limit. A bank

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Business Statistics

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