Herman’s Hardware uses a neon light in its store window that is left burning continuously. The light has an average lifetime of 1,250 hours and fails completely atrandom. Lights that burn out are replaced instantly.b. Suppose that the lights cost $37.50 each and Herman, the store owner, has budgeted $300 annually for them. What is the probability that Herman exceeds hisannual budget in any given year?
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.
Herman’s Hardware uses a neon light in its store window that is left burning continuously. The light has an average lifetime of 1,250 hours and fails completely at
random. Lights that burn out are replaced instantly.
b. Suppose that the lights cost $37.50 each and Herman, the store owner, has budgeted $300 annually for them. What is the probability that Herman exceeds his
annual budget in any given year?
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