Solved: Standard deviation for new card holders expected to default, Basic Statistics

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Standard deviation for new card holders expected to default

Discuss the below:

The Stripes C-store chain reports that 7% of its credit card holders will default within 5 years. It just mailed out 12 new cards today.

a. How many of these new cardholders would be expected to default within 5 years? What is the standard deviation?

b. What is the likelihood that none of these cardholders will default?

c. What is the likelihood that at least one will default?

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Basic Statistics: Standard deviation for new card holders expected to default

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Basic Statistics: Standard deviation for new card holders expected to default

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