Value of Crop Damage Probability $0 60% $100,000 25% $200,000 13% $300,000 2%
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.
The probability of weather-related crop damage during the growing season in a typical year is given by the following table. If the interest rate is 8%, what is the expected present worth of crop damage over the next 5 years? a. $57,000 b. $167,000 c. $228,000 d. $285,000.
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