Suppose an insurance firm has three groups of insured people who have claim distribution of the form: 3000 of claims follow a N(u = 110,, o? 100) distribution , 2500 of claims folow a N(u 120,,o = 200) distributions and 4500. of claims folow a N(u = 130, o? = 300) i) What is the probability that a random claim will exceed $6,000? ii) Use CLT to caleulate the probability that a random claim will exceed $10,000. Г100 S = 200 -0 -0 300

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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.