An exam in Microeconomics has 40 multiple answer questions and each of them has 4 possible answers, but only one of them is correct. For every correctly answered question a student gets 15 points and for every incorrectly answered she loses 5 points. What is the probability of passing the exam (the minimum required is 120 points) if a student is randomly picking the answers? (hint: you may use a normal approximation)
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.
An exam in Microeconomics has 40 multiple answer questions and each of them has 4 possible answers, but only one of them is correct. For every correctly answered question a student gets 15 points and for every incorrectly answered she loses 5 points. What is the probability of passing the exam (the minimum required is 120 points) if a student is randomly picking the answers? (hint: you may use a normal approximation)
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