a) Consider a group of 10 life insurance policies, seven of which are on male lives and three of which are on female lives. Three of the 10 policies are chosen at random (one after the other, without replacement). Find the probability that the three selected policies are all on male lives. (b) A survey showed that 40% of investors invest in at least two companies in order to diversify their risk. Find an approximate probability that more than 100 investors have invested in at least two companies in a random sample of 300 investors.
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.
(a) Consider a group of 10 life insurance policies, seven of which are on male lives and three of which are on female lives. Three of the 10 policies are chosen at random (one after the other, without replacement). Find the probability that the three selected policies are all on male lives.
(a) Consider a group of 10 life insurance policies, seven of which are on male lives and three of which are on female lives. Three of the 10 policies are chosen at random (one after the other, without replacement). Find the probability that the three selected policies are all on male lives. (b) A survey showed that 40% of investors invest in at least two companies in order to diversify their risk. Find an approximate probability that more than 100 investors have invested in at least two companies in a random sample of 300 investors. (c) The human resources department of a large company currently estimates that 82% of new employees recruited by their call centres will still be employed by the company after one year. A recent extension to the call centre business led to 280 new employees being recruited. Calculate an approximate value for the probability that at least 240 of these new employees will still be employed by the company after one year.
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