The default rate on government-guaranteed student loans at a certain public four-year institution is 7 percent and 1,000 student loans are made at the institution.If we assume that the defaults are statistically independent across loans, the number of total defaults at the institution is a binomial random variable. However, we will approximate the binomial distribution by the standard normal distribution using the central limit theorem.

Calculate the probability of 65 or fewer defaults using the central limit theorem.

	a.	10.760%
	b.	26.773%
	c.	29.030%
	d.	3.151%
	e.	0.659%

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