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Find the mean of p hat

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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.

  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.
  2. Find the standard deviation of p
  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: EM132432564

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