No Debt $1 to $9,999 $10,000 to $19,999 $20,000 to $29,999 $30,000 to $39,999 $40,000 to $49,999 $50,000 or More Total 22 or Younger 1145 380 472 700 379 170 193 3440 24 to 28 278 112 147 168 166 140 173 1184 30 to 39 115 74 63 68 82 69 149 620 40 or Older 85 41 45 41 42 48 92 395 Total 1624 608 727 978 669 427 606 5639 Of the students who are between 24 and 28 years old, what is the probability that a student owes $50,000 or more?
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.
|
No Debt |
$1 to $9,999 |
$10,000 to $19,999 |
$20,000 to $29,999 |
$30,000 to $39,999 |
$40,000 to $49,999 |
$50,000 or More |
Total |
|
|
22 or Younger |
1145 |
380 |
472 |
700 |
379 |
170 |
193 |
3440 |
|
24 to 28 |
278 |
112 |
147 |
168 |
166 |
140 |
173 |
1184 |
|
30 to 39 |
115 |
74 |
63 |
68 |
82 |
69 |
149 |
620 |
|
40 or Older |
85 |
41 |
45 |
41 |
42 |
48 |
92 |
395 |
|
Total |
1624 |
608 |
727 |
978 |
669 |
427 |
606 |
5639 |
Of the students who are between 24 and 28 years old, what is the probability that a student owes $50,000 or more?
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