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Recent difficult economic times have caused an increase in

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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 one loan out of every 198 loans. Last month the bank approved 354 loans.

Is this a binomial distribution problem? How do I find the mean, the variance, and the probability of finding exactly 2 and at least 1 forclosure?

Reference no: EM13613282

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