The checking accounts of Sun Bank are categorized by the age of account and the account balance. Auditor will select accounts at random from the following 1000 accounts a) What is the probability that an account is less than 2 years old? b) What is the probability that an account has balance of $1000 or more?
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.
The checking accounts of Sun Bank are categorized by the age of account and the account balance. Auditor will select accounts at random from the following 1000 accounts
a) What is the probability that an account is less than 2 years old?
b) What is the probability that an account has balance of $1000 or more?
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