2% of the checks received by an oil company is returned due to insufficient funds. Yesterday 400...

Question:

2% of the checks received by an oil company is returned due to insufficient funds. Yesterday 400 checks were received in the mail. Let x equals the number of these checks which will be returned due to insufficient funds. Use the Poisson distribution to compute the binomial probability that less than three checks are returned.

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...