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Question 1: Yorktown Savings Bank, in reviewing its credit card customers, finds that of 30 percent of those customers who scored 40 points or less
Question 1: Yorktown Savings Bank, in reviewing its credit card customers, finds that of 30 percent of those customers who scored 40 points or less on its credit-scoring system were in default of their accounts, resulting in a total loss of their account balances. This group of bad credit card loans averaged $6,200 in size per customer account. When examining its successful credit accounts. Yorktown finds that 12 percent of its good customers (or a total of 3,066 customers) scored 40 points or less on the bank's scoring system. These low-scoring but good accounts generated about $1,000 in revenue per account. If Yorktown's credit card division follows the decision rule of granting credit cards only to those customers scoring more than 40 points, about how much can the bank expect to save in net losses? Please input your answer in the $xx,xxx,xxx format and round to the nearest whole dollar
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