Historical data suggests that one in four of all insurance policies of a certain company are surrendered before maturity. Assume that 15 policies are randomly selected from the company's database. What is the probability that the number of surrendered policies are not more than one?
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.
Historical data suggests that one in four of all insurance policies of a certain company are surrendered before maturity. Assume that 15 policies are randomly selected from the company's database.
What is the
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