Question

Fake records usually have fewer first digits 1, 2, and 3. What is the approximate probability, if Benford's law holds, that among 1500 randomly chosen invoices there are 843 or fewer amounts with first digit 1, 2, or 3

Answer 1

The probability that there are 843 or fewer amounts with first digit 1, 2, or 3 is 0.562

How to determine the probability?

The given parameters are:

Fewer digits = 843

Total = 1500

The probability is then calculated as:

P = 843/1500

Evaluate the quotient

P = 0.562

Hence, the probability that there are 843 or fewer amounts with first digit 1, 2, or 3 is 0.562

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