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On average, each insurance claim forwarded to a certain division of an insurance company has a 42% chance of getting approved after the preliminary review.
On average, each insurance claim forwarded to a certain division of an insurance company has a 42% chance of getting approved after the preliminary review. In addition to that, all claims forwarded to this office are assumed to be independent of each other. Suppose on a given day 5 claims are forwarded to this office. What is the probability that exactly 4 of the 5 claims will be approved after the preliminary review
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