(10) Q2 Bank Charges. For one type of bank account, a bank allows 4 transactions per month for free and charges $1 per transaction for the 5" and subsequent transactions. (E.g. if I make 7 transactions | will pay (7-4)*$1 = $3.) The number of transactions I make each month has a mean of 4 and a variance of 2.4 and follows a Binomial distribution. I need to estimate how much I expect to pay each month in bank charges. (a) (3) Calculate the probability, p, and the number, n, that define the Binomial distribution of the number of transactions each month. [Hint: Use the formulas for the mean and variance of the Binomial Distribution. Mean = np, Variance = np(1-p) = Mean*(1-p).] (b) (3) Calculate the probabilities of making 5, 6, 7, . transactions in a month. (c) (4) Calculate the expected total bank charges for one month. (1) bonus mark for PLAN/DO/REPORT format