The Credit Risk Department of a major bank estimates the default rate on loans under $ 10,000 to be 2%. A random sample of 1600 new loans that are under $ 10,000 is going to be selected. Let p be the proportion of defaults on the loans in the sample Answer the following. (If necessary, consult a list of formulas.) (a) Find the mean of p. X 0.02 (b) Find the standard deviation of p. (c) Compute an approximation for P (p