Final answer:
The probability of accepting the lot when there are 2 defective bulbs is 0.7374, or approximately 73.74%.
Step-by-step explanation:
In order to find the probability of accepting the lot when there are 2 defective bulbs, we need to calculate the probability of having 0 defective bulbs out of 10 given that there are 2 defective bulbs in the lot.
Using the binomial distribution, we can calculate this probability as follows:
P(X = 0) = (50 choose 0) * (0.03)^0 * (0.97)^(10-0)
= (1) * (1) * (0.97)^10
= 0.7374
Therefore, the probability of accepting the lot when there are 2 defective bulbs is 0.7374, or approximately 73.74%.