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.)

Calculus For The Life Sciences

2nd Edition

ISBN:9780321964038

Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Chapter12: Probability

Section12.CR: Chapter 12 Review

Problem 15CR

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Question

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.)

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