Twenty percent of undergraduate students carry credit card balances greater than $5000. Suppose 12 undergraduate students are selected randomly to be interviewed about credit card usage.
a. Is the selection of 10 students a binomial experiment? describe.
b. What is the probability that no student will have a credit card balance greater than $5000?
c. What is the probability that at least three will have a credit card balance greater than $5000?
d. What is the probability that at no more than seven will have a credit card balance greater than $5000?