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Find the mean of p hat

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Reference no: EM132424009

Problem: The Credit Risk Department of a major bank estimates the default rate on loans under $ 10,000 to be 5 %. The bank will make 1900 loans that are under $10,000 next month.

Required:

Question 1: Find the mean of p hat, where p hat is the proportion of defaults on the 1900 loans under $10,000 to be made next month.

Question 2: Find the standard deviation of p

Question 3: Compute an approximation for P hat (p ≥ 0.06) which is the probability that 6 % or more of next month's loans under $ 10,000 will be defaulted on. Round your answer to four decimal places.

Reference no: EM132424009

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