Of all mortgage foreclosures in the United States, 41% are caused by disability. People who are injured or ill cannot work--they then lose their jobs and thus their incomes. With no income, they cannot make their mortgage payment and the bank forecloses. 14 mortgage foreclosures are audited by a large lending institution. (Give your answers correct to three decimal places.) (a) Find the probability of P(Five or fewer of the foreclosures are due to disability) (b) Find the probability of P(At least three foreclosures are due to a disability)
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.
Of all mortgage foreclosures in the United States, 41% are caused by disability. People who are injured or ill cannot work--they then lose their jobs and thus their incomes. With no income, they cannot make their mortgage payment and the bank forecloses. 14 mortgage foreclosures are audited by a large lending institution. (Give your answers correct to three decimal places.)
(b) Find the probability of P(At least three foreclosures are due to a disability)
It is given that n =14 and p =0.41.
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