Insurance: An insurance company sells a 1-year term life insurance policy to an 81-year-old man. The man pays a premium of $4900. If he dies within 1 year, the company will pay $79,000 to his beneficiary. According to the U.S. Centers for Disease Control and Prevention, the probability that an 81-year-old man will be alive 1 year later is 0.9381. Let X be the profit made by the insurance company. Part: 0/ 2 Part 1 of 2 (a) Find the probability distribution. The probability distribution is 4900 P(x)

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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.