Excluding job benefit coverage, approximately 52% of adults have purchased life insurance. The likelihood that those aged 18 to 24 without life insurance will purchase life insurance in the next year is 17%, and for those aged 25 to 34, it is 30%. (a) Find the probability that a randomly selected adult has not purchased life insurance. (Give your answer correct to two decimal places.)   (b) What is the probability that an adult aged 18 to 24 will purchase life insurance within the next year? (Give your answer correct to two decimal places.)   (c) Find the probability that a randomly selected adult will be 25 to 34 years old, does not currently have life insurance, and will purchase it within the next year. (Give your answer correct to two decimal places.)

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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.