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The Credit Risk Department of a major bank estimates the default rate on loans under $10,000 to be 2%. The bank will make 1600 loans

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The Credit Risk Department of a major bank estimates the default rate on loans under $10,000 to be 2%. The bank will make 1600 loans that are under $ 10,000 next month. Answer the following. (If necessary, consult a list of formulas.) (a) Find the mean of p, where p is the proportion of defaults on the 1600 loans under $10,000 to be made next month. X 5 ? (b) Find the standard deviation of p (c) Compute an approximation for P (p $0.01 ), which is the probability that 1% or fewer of next month's loans under $ 10,000 will be defaulted on. Round your answer to four decimal places

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