Wing Foot is a shoe franchise commonly found in shopping centers across the United States.  Wing Foot knows that its stores will not show a profit unless they gross over $940,000 per year.  Let be the event that a new Wing Foot store grosses over $940,000 its first year.  Let be the event that a store grosses over $940,000 its second year.  Wing Foot has an administrative policy of closing a new store if it does not show a profit in either of the first two years.  Assuming that the accounting office at Wing Foot provided the following information: and . a. What is the probability that a new store will gross over $940,000 in its first and second years?  Round your answer to the nearest hundredth.     b. What is the probability that a new store will gross over $940,000 in either its first or second years?  Round your answer to the nearest hundredth.   c. What is the probability that a new store will not gross over $940,000 in either of its first two years, and thus not make a profit and close?

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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.