Travel insurance reimburses travelers for the cost of their trips if the trips are canceled for a variety of reasons. If a $12,000 policy costs $600 and you estimate that there is a 2% chance a trip will be canceled, should a traveler purchase the insurance? The EMV is $----which is------the cost of the insurance. Therefore, a traveler-----the insurance.
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.
Travel insurance reimburses travelers for the cost of their trips if the trips are canceled for a variety of reasons. If a $12,000 policy costs $600 and you estimate that there is a 2% chance a trip will be canceled, should a traveler purchase the insurance?
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