A large bank that issues many loans for General Motors(GM)estimates that 70% of the loans are approved within 24 hours. A consumer group intends to take a sample of 25 recent GM loan applications. a) What is the probability that at most five are not approved within 24 hours? b) What is the probability that more than 10 and less than 17 are approved within 24 hours?
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
A large bank that issues many loans for General Motors(GM)estimates that 70% of the loans are approved within 24 hours. A consumer group intends to take a sample of 25 recent GM loan applications.
a) What is the probability that at most five are not approved within 24 hours?
b) What is the probability that more than 10 and less than 17 are approved within 24 hours?
Step by step
Solved in 3 steps with 3 images
