Nine percent of undergraduate students carry credit card balances greater than $7000 (Reader's Digest, July 2002). Suppose 10 undergraduate students are selected randomly to be interviewed about credit card usage.
a. Is the selection of 10 students a binomial experiment? Explain.
b. What is the probability that two of the students will have a credit card balance greater than $7000?
c. What is the probability that none will have a credit card balance greater than $7000?
d. What is the probability that at least three will have a credit card balance greater than $7000?