question archive A manager randomly selected 26 large cash transactions at a bank that were made in January
A manager randomly selected 26 large cash transactions at a bank that were made in January
Subject:EconomicsPrice:3.86 Bought8
A manager randomly selected 26 large cash transactions at a bank that were made in January. The manager then carefully tracked down the details of these transactions to see that the correct procedures for reporting these large transactions were followed. This bank typically makes 1,300 such transactions monthly.
?(a) Is it appropriate to use a binomial model in this? situation?
?(b) If the chance for a procedural error is? 10%, is it likely that the auditor finds more than 2 such? transactions? For this? component, argue? informally, without computing the? probability, from the characteristics of the binomial model.
?(c) Find the probability in part b.
?(a) Is it appropriate to use a binomial model in this? situation?
No
Yes
?(b) Is it likely that the auditor finds more than 2 transactions with a procedural? error?
No
Yes
?(c) Find the probability that the auditor finds more than 2 transactions with a procedural error.
The probability that the auditor finds more than 2 transactions with a procedural error is approximately
nothing
?(Round to three decimal places as? needed.)
Option 1
Low Cost Option
Download this past answer in few clicks
3.86 USD
PURCHASE SOLUTION
Option 2
Custom new solution created by our subject matter experts
GET A QUOTE
rated 5 stars
Purchased 8 times
