The probability is 0.667that the favorite in a horse race will finish in the money (first, second, or third place). In 500 horse races, roughly how many times will the favorite finish in the money?
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 probability is 0.667that the favorite in a horse race will finish in the money (first, second, or third place). In 500 horse races, roughly how many times will the favorite finish in the money?
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