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Based on past performance a bank manager knows that an error is made in 5% of all transactions performed by the tellers Among the transactions which have an error 80% are made on customers who have

Based on past performance, a bank manager knows that an error is made in 5% of all transactions performed by the tellers. Among the transactions which have an error, 80% are made on customers who have commercial accounts.The manager has selected 100 transactions from a particular day that she will examine for errors. She decides that if the first 4 transactions that she examines have no error, she will discontinue the audit. If 5% of the 100 transactions the manager selected have an error, what is the probability that the first 4 transactions that are examined do not have an error?

Apr 04 2020 View more View Less

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