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Suppose you are a junk bond broker who buys only bonds that have a 50...

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Basic Math

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Suppose you are a junk bond broker who buys only bonds that have a 50 chance of default You want a portfolio with at least five bonds that do not default You can dispose of the other bonds in the portfolio with no great loss What is the smallest number of bonds you should buy if you want to be at least 91 sure that five or more bonds will not default LUSE SALT bonds

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