For each of the following situations, explain whether the binomial distribution applies for X. a. You are

Question:

For each of the following situations, explain whether the binomial distribution applies for X.
a. You are bidding on four items available on eBay. You think that you will win the first bid with probability 25% and the second through fourth bids with probability 30%. Let X denote the number of winning bids out of the four items you bid on.
b. You are bidding on four items available on eBay. Each bid is for $70, and you think there is a 25% chance of winning a bid, with bids being independent events. Let X be the total amount of money you pay for your winning bids.

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...