Define the term binomial random variable. Describe the types of problems for which the binomial distribution is

Question:

Define the term "binomial random variable." Describe the types of problems for which the binomial is used?
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...