Jeff is producing an outdoor concert. He estimates that he will make 3200 dollars if it does not rain, and make 600 dollars if it does rain. The local weather station (which we'll assume is accurate in giving forecasts) predicts that the chance of rain is 15 percent for the day of the concert. What is Jeff's expected earnings from the concert?
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.
Jeff is producing an outdoor concert. He estimates that he will make 3200 dollars if it does not rain, and make 600 dollars if it does rain. The local weather station (which we'll assume is accurate in giving forecasts) predicts that the chance of rain is 15 percent for the day of the concert. What is Jeff's expected earnings from the concert?
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