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Problem #1 To avoid unpleasant surprises when the statement comes, you try to record...

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Accounting

Problem #1
To avoid unpleasant surprises when the statement comes, you try to record all your credit card
transactions in a ledger. Unfortunately, you tend to neglect to record about 3% of your purchases.
Suppose that last month, you had 22 purchases on your credit card account. When the statement
arrives, you count the number of purchases you forgot to record. The random variable x
represents the number of unrecorded purchases in a month with 22 transactions.
a. Explain why this is a binomial experiment.
b. Find the probability that you would record all 22 purchases.
c. Find the probability that at least 7 purchases would have been unrecorded.
d. Would it be unusual to find 7 unrecorded purchases in a month with 22 purchases? Please
justify your response using class concepts.
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