Use the appropriate normal distribution to approximate the resulting binomial distribution. The manager of Madison Finance Company has estimated that, because of a recession year, 4% of its 300 loan accounts will be delinquent. If the manager's estimate is correct, what is the probability that 18 or more of the accounts will be delinquent? (Round your answer to four decimal places.)

Use the appropriate normal distribution to approximate the resulting binomial distribution. The manager of Madison Finance Company has estimated that, because of a recession year, 4% of its 300 loan accounts will be delinquent. If the manager's estimate is correct, what is the probability that 18 or more of the accounts will be delinquent? (Round your answer to four decimal places.)

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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