tant takes a random sample of seven such accounts, determine the probability of each of the following events by use of the formula for binomial probabilities: (i) none of the accounts is overdue, and
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 firm reports that 25 percent of its accounts receivable from other business firms are overdue due to economic conditions. If an accountant takes a random sample of seven such accounts, determine the
(i) none of the accounts is overdue, and, (ii) exactly two accounts are overdue,
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