I understand binomial theorem helps expand and calculate two terms raised to nth power $(a+b)^n$ easily. Can someone explain briefly how they are used and applied in a real world application? I see lot of mentions about their use in weather forecasting, IP subnetting, economic forecast etc. But couldn't find anything more than names of applications that uses it.
Would love to see its usage explained at a high level in any one of the real world application.
One case is when $a$ is substantially larger than $b$ and you are doing a rough (maybe mental) calculation. You can write $(a+b)^n=a^n(1+\frac ba)^n$. If $\frac ba \ll \frac 1n$ you can write $(1+\frac ba)^n \approx 1+\frac {nb}a$ because the next term is smaller by another power of $\frac ba$.
If you enlarge the radius of a sphere by $1\%$ how much does its volume increase? The new volume is $\frac 43 \pi (1.01r)^3=\frac 43 \pi r^3 (1+0.01)^3\approx \frac 43 \pi r^3(1.03)$ so the increase is $3\%$