Bring out the major properties of binomial distribution. Mention certain important uses of this distribution.

Binomial distribution is a type of probability distribution used to model the number of successes in a fixed number of trials, where each trial has only two possible outcomes, success or failure. It is widely used in various fields, including statistics, finance, engineering, and social sciences. In this essay, we will discuss the major properties of binomial distribution, its formula, and some of its important uses.

Properties of Binomial Distribution:

1. Fixed number of trials: Binomial distribution models a fixed number of independent trials, where each trial has only two possible outcomes, success or failure.

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