Records over the past year show that 1 out of 355 loans made by Mammon Bank have defaulted. Find the probability that 1 or more out of 275 loans will default. Hint: Is it appropriate to use the...

Records over the past year show that 1 out of 355 loans made by Mammon Bank have defaulted. Find the probability that 1 or more out of 275 loans will default.Hint: Is it appropriate to use the Poisson approximation to the binomial distribution? (Round λ to 1 decimal place. Use 4 decimal places for your answer.)