A loan officer knows that 50% of loan applicants in their 20s have bad credit, 40% of loan applicants in their 30s have bad credit, and 20% of loan applicants age 40 or greater have bad credit. She also knows that 30% of loan applicants are in their 20s, 50% are in their 30s, and the rest are at least 40 years of age. What percentage of applicants with bad credit are at least 40 years old? Explain the steps you took to determine answer.
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 loan officer knows that 50% of loan applicants in their 20s have bad credit, 40% of loan applicants in their 30s have bad credit, and 20% of loan applicants age 40 or greater have bad credit.
She also knows that 30% of loan applicants are in their 20s, 50% are in their 30s, and the rest are at least 40 years of age. What percentage of applicants with bad credit are at least 40 years old? Explain the steps you took to determine answer.
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