The Bank of Hudson Bay reports that 7% of its credit card holders will default at some
Question:
The Bank of Hudson Bay reports that 7% of its credit card holders will default at some time in their life. The Moose Factory branch just mailed out 12 new cards today.
a. How many of these new cardholders would you expect to default? What is the standard deviation?
b. What is the likelihood that none of the cardholders will default?
c. What is the likelihood at least one will default?
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Related Book For
Basic Statistics For Business & Economics
ISBN: 9781259268939
6th Canadian Edition
Authors: Douglas A. Lind, William G Marchal, Samuel A. Wathen, Carol Ann Waite
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