a. From the perspective of the 50-year-old female, what are the values corresponding to the two events if surviving the year and not surviving. b. Ifa 50-year-old female purchase the policy, what is her expected value? c. Can the insurance company expect to make a profit from many such policies? Why?

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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.