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(See Solution) At a certain financial institution, about 39.1% of all home loan applications are rejected. Let X= then number of loan applications that

Question: At a certain financial institution, about 39.1% of all home loan applications are rejected. Let X= then number of loan applications that are rejected in a random sample of size 480. Use the normal approximation to find each of the following:

  1. P(X = 200)
  2. Determine the probability that at least 200 applications are rejected
  3. Verify that we have met the requirements for using the normal approximation

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