Why is the binomial model inappropriate for finding

Reference no: EM131790606

Joint Bank Account

Suppose the probability that a randomly selected person who has a joint bank account with a spouse will close it within 10 years is 0.1.

Suppose we follow 20 such persons (40 account holders) for 10 years and record the number of people closing their accounts.

Why is the binomial model inappropriate for finding the probability that at least 19 of these 40 account holders will close their accounts within 10 years?

List all binomial conditions that are not met.

Reference no: EM131790606

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