A survey of Forbes subscribers found the following information about the distribution of corporate credit cards. Assume that the subscription to any credit card is independent of each other. American Express 40% MasterCard 25% Visa 20% Discover 15% Others 5% What is the probability that a randomly chosen Forbes subscriber holds both an American Express and Visa corporate credit cards?
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 Forbes subscribers found the following information about the distribution of corporate credit cards.
Assume that the subscription to any credit card is independent of each other.
American Express 40%
MasterCard 25%
Visa 20%
Discover 15%
Others 5%
What is the probability that a randomly chosen Forbes subscriber holds both an American Express and Visa corporate credit cards?
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