Explain Probability using Binomial distribution.
Nine percent of undergraduate students transmit credit card balances greater than $7000. Supposing 10 undergraduate students are selected randomly to be interviewed about credit card usage
1) Is the selection of 10 students a binomial experiment? Explain
2) Explain the probability that 2 of the students will have a credit card balance greater than $7000?
3) Explain the probability that none will have a credit card balance greater than $7000