A survey of all medium and large-sized corporations showed that 63% of them offer retirement plans to their employees. Let p be the proportion in a random sample of 50 such corporations that offer retirement plans to their employees. Find the probability that the value of will be between 0.54 and 0.61.
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
A survey of all medium and large-sized corporations showed that 63% of them offer retirement plans to their employees. Let p be the proportion in a random sample of 50 such corporations that offer retirement plans to their employees. Find the probability that the value of will be between 0.54 and 0.61.
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