Calculating Average Approved Loans Per Year
To find the average number of loans approved per year, we multiply the total number of loan applications received per year by the probability of a loan being approved.
The key information is:
- Number of loan applications per year: 2920
- Probability of approval: 0.85
Loan Approval Calculation
The formula used is:
Average Approved Loans = (Total Applications per Year) × (Probability of Approval)
Applying the given values:
Average Approved Loans = $2920 \times 0.85$
Calculation:
Average Approved Loans = $2482$
Final Answer
Therefore, the average number of loans approved per year by the bank is 2482.
Important Questions from Probability and Statistics
In a frequency curve, what is plotted on the vertical axis?
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If the answer to a particular question is correct, what is the probability that the student guessed the answer?
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