A life insurance salesman sells on the average 10 life insurance policies per week. i) What is the probability that in a given week he will sell some policies? ii) Assuming that there are 5 working days per week, what is the probability that on a given day he will sell two policies?
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 life insurance salesman sells on the average 10 life insurance policies per week.
i) What is the
ii) Assuming that there are 5 working days per week, what is the probability that on a given day he
will sell two policies?
Step by step
Solved in 2 steps