**Transcription for Educational Website**---**Loan Payment Probability Analysis**Based on past experience, a bank believes that 7% of the people who receive loans will not make payments on time. The bank has recently approved 200 loans.**Key Questions for Analysis:**1. **Assumptions for Normal Approximation:** - What assumptions must be true to be able to approximate the sampling distribution with a normal model? - Assumptions: [Text Box]2. **Statistical Calculations:** - What are the mean and standard deviation of this model? - Mean = [Text Box] - Standard deviation (accurate to 3 decimal places) = [Text Box]3. **Probability Calculation:** - What is the probability that over 10% of these clients will not make timely payments? - [Text Box]**Assistance:**- If you need further help, click on "Message Instructor."**Submission:**- Click "Submit Question" once completed.---**Note:** The page includes options for inputting answers into text boxes located beside each question. There is also a "Submit Question" button to finalize your responses.

Name: **Transcription for Educational Website**---**Loan Payment Probabilit
Uploaded: 2024-03-20T07:07:12.000Z
Channel: Bartleby
Description: **Transcription for Educational Website**---**Loan Payment Probability Analysis**Based on past experience, a bank believes that 7% of the people who receive loans will not make payments on time. The bank has recently approved 200 loans.**Key Questio

Math

Statistics

Based on past experience, a bank believes that 7 % of the people who receive loans will not make payments on time. The bank has recently approved 200 loans. What assumptions must be true to be able to approximate the sampling distribution with a normal model? Assumptions: What are the mean and standard deviation of this model? mean = standard deviation (accurate to 3 decimal places) =| What is the probability that over 10% of these clients will not make timely payments?

Based on past experience, a bank believes that 7 % of the people who receive loans will not make payments on time. The bank has recently approved 200 loans. What assumptions must be true to be able to approximate the sampling distribution with a normal model? Assumptions: What are the mean and standard deviation of this model? mean = standard deviation (accurate to 3 decimal places) =| What is the probability that over 10% of these clients will not make timely payments?

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Similar questions

Tom's commuting time from his residence in Carmel to the IUPUI campus has a normal distribution. The standard deviation of the commuting time is 8 minutes. The fraction of commutes that last less than 40 minutes is 0.30 (30%). What is the mean commuting time? What is the probability that the commuting time would exceed 60 minutes? Below what commuting time 10% of commutes take place? 90% commuting times fall between _______ and _______ minutes.
A random sample of 160 commercial customers revealed that 32 had paid their accounts within a month of billing. Can normality be assumed for the sample proportion?
Supposed the price of paid apps for a certain category is normally distributed with the mean of $3.5 and a standard deviation of $1. Based on the empirical rule, approximately 95% of the apps in that category will have the price between which two values (centred around the mean)?
The combined math and verbal scores for students taking a national standardized examination for college admission, is normally distributed with a mean of 800 and a standard deviation of 140. If a college requires a minimum score of 900 for admission, what percentage of student do not satisfy that requirement?
The Social Insight Test evaluates how accurately the subject appraises other people. From 500 people, scores were found to be normally distributed with a mean of 28 and a standard deviation of 6. About how many people got a score below 23?
An analyst found that the average amount of money in bank accounts at his/her bank is $2,000 with a standard deviation of $150. What would be the variance?
An alumni association wants to estimate the mean debt of this year's college graduates. It is known that the population standard deviation of the debts of this year's college graduates is $11,800. How large a sample should be selected so that the estimate with a 99% confidence level is within $800 of the population mean?
An industrial engineer is conducting a time study for a work element. The select time is 4.5 minutes, and the sample standard deviation of the observed time is 20 seconds. What is the appropriate sample size if the estimate is to be 5 percent of the true average time 95 percent of the time?
The empirical rule states that the percentage of observations in a data set (provided that the data set has a bell-shaped and symmetric distribution) that fall within one standard deviation of their mean is approximately 75%. TRUE OR FALSE
During 2003 gasoline prices reached record high prices in 16 states United States (The Wall Street Journal, March 7, 2003). Two of the states affected were California and Florida. The American Automobile Association foundas sample mean price per gallon $2.04 in California and $1.72 per gallon in Florida. Use 40 as the sample size for California and 35 as the sample size for Florida. Suppose that previous studies indicate that the population standard deviation in California it is 0.10 and in Florida 0.08.a) Test at the 10% level the null hypothesis that the population means of the gasoline prices are equal against the alternative hypothesis that, on average, Gasoline is more expensive in California than in Florida.b) Find the p-value of this test.
I wanted to do a market research study estimating the average hourly wage earned by childcare workers in the bay area. How large does my sample need to be in order to have a margin of error that is less than $0.50 with a 95% confidence in the result. Assume that the standard deviation of the wages is $2 per hour.
The manager at a drive through has implemented a new process and wants to check if the new drive through process has a mean less than 188.83 seconds. The overall std. deviation of all the stores across the globe is 20 seconds. He has taken a sample of 39 and found the mean time to be 186.90 seconds. What does the hypothesis test lead to? Is there evidence to suggest the process has really improved?