Assume that 20% of all watches with Rolex on the dial are counterfeit. Also assume that 95% of counterfeit watches are sold online and 90% of authentic watches are sold in stores. Given the watch is sold online, what is the probability it is counterfeit? Round to one decimal place.
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.
Assume that 20% of all watches with Rolex on the dial are counterfeit. Also assume that 95% of counterfeit watches are sold online and 90% of authentic watches are sold in stores.
Given the watch is sold online, what is the probability it is counterfeit? Round to one decimal place.
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