According to financial records, 24% of U.S. adults have more debt on their credit cards than they
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According to financial records, 24% of U.S. adults have more debt on their credit cards than they have money in their savings accounts. Suppose that we take a random sample of 100 U.S. adults. Let D = the number of adults in the sample with more debt than savings.
a. Explain why D can be modeled by a binomial distribution even though the sample was selected without replacement.
b. Use a binomial distribution to estimate the probability that 30 or more adults in the sample have more debt than savings.
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Solution a D can be modeled by a binomial distribution be...View the full answer
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