#### stefanminchev

##### New Member

I think that GARP had an error in one of their questions. It was:

You have 15 bonds, equal probability of default of 3%. Independent of each other. What is the probability of exactly one bond defaulting.

The answers were:

a) 2.9%

b) 3%

c) around 28%

d) around 67%

In my opinion none of them is correct.

Any thoughts on this one?