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Mr. Clark is a mortgage broker. Based on his experience, he estimates that the probability an applicant will default on their mortgage is 0.016. Last

Mr. Clark is a mortgage broker. Based on his experience, he estimates that the probability an applicant will default on their mortgage is 0.016. Last month he set up 25 mortgages. What is the probability that an applicant will default on their monthly payments?

a.0.0536

b. 0.08

c. 0.4368

d. 0.1193

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