Ocean water contains 0.9 ounces of gold per ton. Method A costs $550 per ton of water processed and will recover 90% of the metal. Method B costs $400 per ton of water processed and will recover 60% of the metal. The two methods require the same capital investment and are capable of producing the same amount of gold each day. If the extracted gold can be sold for $1,750 per ounce, which method should be recommended? The supply of ocean water is essentially unlimited.
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.
Ocean water contains 0.9 ounces of gold per ton. Method A costs $550 per ton of water
processed and will recover 90% of the metal. Method B costs $400 per ton of water
processed and will recover 60% of the metal. The two methods require the same capital
investment and are capable of producing the same amount of gold each day. If the extracted
gold can be sold for $1,750 per ounce, which method should be recommended? The supply
of ocean water is essentially unlimited.
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