# Question: Recent difficult economic times have caused an increase in the

Recent difficult economic times have caused an increase in the foreclosure rate of home mortgages. Statistics from the Penn Bank and Trust Company show their monthly foreclosure rate 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?

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?

## Answer to relevant Questions

According to the “January theory,” if the stock market is up for the month of January, it will be up for the year. If it is down in January, it will be down for the year. According to an article in The Wall Street ...A uniform distribution is defined over the interval from 6 to 10.a. What are the values for a and b?b. What is the mean of this uniform distribution?c. What is the standard deviation?d. Show that the total area is 1.00.e. ...The mean of a normal probability distribution is 60; the standard deviation is 5.a. About what percent of the observations lie between 55 and 65?b. About what percent of the observations lie between 50 and 70?c. About what ...The distribution of the number of viewers for the American Idol television show follows a normal distribution with a mean of 29 million and a standard deviation of 5 million. What is the probability next week’s show ...A recent issue of Bride Magazine suggested that couples planning their wedding should expect two-thirds of those who are sent an invitation to respond that they will attend. Rich and Stacy are planning to be married later ...Post your question