A bank makes loans to small businesses and on average 3.2% of them default on their loans within five years. The bank makes provision for these losses when it makes its financial plans. The Vice President in charge of small business loans thinks that the default rate may be going down and gives you a random sample of 337 recent loans of which 7 defaulted within five years. What advice do you give to the Vice President? The probability that 7 or fewer of the 337 small businesses default on their loans is Using 5% as the criterion for an unlikely event, there is a relatively probability that 7 or fewer of the 337 small businesses would default, so there is to support the claim that the default rate may be going down. (Round to three decimal places as needed.)