Mathematics, 09.03.2021 16:00 terrancebest

Mr desmond is a loan officer at XY bank of Nigeria plc. Based on his experience he estimates that the probability is 0.03 that an applicant will not be able to repay his or her installation loan. last month, he made 40 loans. a) what is the probability that 3 loans will be defaulted?
b) what is the probability that at least 3 loans will be defaulted?

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