Binomial

Applications of Binomial Theorem
* Help us to expand algebraic expressions easy and conveniently.
* Help us with simple numerical estimations
* Working with polynomials
* potent technique for solving probability questions ( used in statistics to draw a bead on the binomial distribution )
* Useful in our economy to examine the chances of profit and loss which done great deal with development economy
* Used in forecast services
* Architecture

* E.g: A man consec per puzzle out up $ metre into a bank at an interest rate of 12% per annum, compounded monthly. How much interest can he get in 5 months, correct to nearest one dollar bill?
* After 6 months, the amount will be 1000 x (1.01)5
* (1.01)5 = (1 + 0.01)5 = 1 + 5(0.01) + 10(0.01)2 + 10(0.01)3 + 5(0.01)4 + (0.01)5
* Since nearest dollar, so we take whole the first 3 terms and ignore the rest.
* We feature (1.01)5 = 1.051
* olibanum amount is approx. $1051 and the interest is approx. $51

* E.g: Estimate the value of (1.0309)6 correct to 3 decimal places.

* Sources: http://www.mathdb.org/notes_download/elementary/algebra/ae_A3.



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Binomial Distribution:
When you have a binomial distribution, these criteria are met:
- There is a set number of trials, n
- There are only 2 affirmable outcomes from each trial, a success and a failure
- The probability of success, p, is fixed
- distributively trial is independent of the other trials

If we have only two outcomes then:
p(success) = p
p(failure) = 1 - p

We want the probability of getting k successes. That have in minds we must be successful k measure and fail n - k times. So lets say k=3, n=5, and p=0.7, that means:
P(success) AND P(success) AND P(success) AND P(failure) AND P(failure)
AND keywords in probability mean multipy:
P(success) * P(success) * P(success) * [1-P(success)] * [1-P(success)]
0.7 * 0.7 * 0.7 * 0.3 * 0.3
(0.7)^3 * (0.3)^2

So in a general form we can say the probability of getting k successes disposed(p) n trials where the probability...If you want to get a full essay, point it on our website: Orderessay



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