|Recent difficult economic times have caused an increase in the foreclosure rate of homemortgages. Statistics form the Penn Bank and Trust Company show their monthly foreclosurerate is now 1 loan out of every 136 loans. Last month the bank approved 300 loans.a. How many foreclosures would you expect the bank to have last month?b. What is the probability of exactly two foreclosures?c. What is the probability of at least one foreclosure?

Answered: Image /qna-images/answer/8f77db1f-19b7-4eee-96c2-8eb0518181e1.jpg

Answered: |Recent difficult economic times have…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Similar questions

Your insurance company has a policy to ensure personal property. Assume you have a laptop worth $2,400 and there's a 4% chance that the laptop will be lost or stolen during the next year. What would be a fair premium for the insurance? We are assuming that the insurance company earns no profit
Jacobs & Johnson, an accounting firm, employs 13 accountants, 8 of whom are CPAs. If a delegation of 3 accountants is randomly selected from the firm to attend a conference, what is the probability that CPAs will be selected? Round your answer to the nearest thousandth, if necessary. Round your answer to the nearest thousandth(3 decimal places), if necessary.
Richies insurance company offers a 250,000 life insurance policy for a premium of $750 per year. If the probability you live through the year is .9977 what is the expected value to the insurance company
es The Internal Revenue Service is studying the category of charitable contributions. A sample of 25 returns is selected from young couples between the ages of 20 and 35 who had an adjusted gross income of more than $100,000. Of these 25 returns, five had charitable contributions of more than $1,000. Four of these returns are selected for a comprehensive audit. a. The hypergeometric distribution is appropriate because it is Osampling a small population without replacement. O sampling a small population with replacement. O sampling a large population without replacement. b. What is the probability exactly one of the four audited had a charitable deduction of more than $1,000? (Round your answer to 4 decimal places.) Probability
What is the probability a person will be neither from the Northeast nor in Finance? See picture
Suppose the probability of an IRS audit is 4.0 percent for U.S. taxpayers who file form 1040 and who earned $100,000 or more. ( (b) What are the odds against such a taxpayer being audited? (Round your answers to the nearest whole number.)
Provide an appropriate response. 12) A 28-year-old man pays $165 for a one-year life insurance policy with coverage of $140,000. If the probability that he will live through the year is 0.9994, what is the expected value for the insurance company?
There is a 0.9985 probability that a randomly selected 30-year-old male lives through the year. A life insurance company charges $191 for insuring that the male will live through the year. If the male does not survive the year, the policy pays out $120,000 as a death benefit. Complete parts (a) through (c) below.
A fair coin is tossed three times. What is the probability that all three tosses are tails? Write your answer as a fraction or a decimal, rounded to four decimal places.

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