Of all mortgage foreclosures in the United States, 42% 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. 20 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)
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
Of all mortgage foreclosures in the United States, 42% 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. 20 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)
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