Essay
THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING:
A bank grants mortgages to 87% of all applicants.After the applicant gets approval,the bank sends an appraiser to evaluate the value of the property.The bank pays an appraiser a salary of $2000 a month plus $200 for each appraisal.Assume the bank gets 10 loan applications next month.
-What is the variance of the amount of money the bank will have to pay its appraiser?
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