According to the Mortgage Bankers Association, 8% of U. S. mortgages were delinquent in 2011. A delinquent mortgage is one that has missed at least one payment but has not yet gone to foreclosure. A random sample of eight mortgages was selected. What is the probability that exactly one of these mortgages is delinquent?

The probability that exactly one of these mortgages is delinquent is 0.357.

Step-by-step explanation:

We are given that according to the Mortgage Bankers Association, 8% of U.S. mortgages were delinquent in 2011. A delinquent mortgage is one that has missed at least one payment but has not yet gone to foreclosure.

A random sample of eight mortgages was selected.

The above situation can be represented through Binomial distribution;

where, n = number of trials (samples) taken = 8 mortgages

            r = number of success = exactly one

           p = probability of success which in our question is % of U.S.

                  mortgages those were delinquent in 2011, i.e; 8%

LET X = Number of U.S. mortgages those were delinquent in 2011

So, it means X ~

Now, Probability that exactly one of these mortgages is delinquent is given by = P(X = 1)

                 P(X = 1)  =

                               =

                               = 0.357

Hence, the probability that exactly one of these mortgages is delinquent is 0.357.

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step-by-step explanation:

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