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Review case of the federal deposit insurance corporation

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Reference no: EM131692410

Question: Recently, the head of the Federal Deposit Insurance Corporation (FDIC) revealed that the agency maintains a secret list of banks suspected of being in financial trouble. The FDIC chief further stated that of the nation's 14,000 banks, 1,600 were on the list at the time. Suppose that, in an effort to diversify your savings, you randomly choose six banks and split your savings among them. What is the probability that no more than three of your banks are on the FDIC's suspect list?

Reference no: EM131692410

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