6 cards are taken from a deck: 2 kings and 4 aces. The 6 cards are thoroughly shuffled, after which the two top cards are revealed. If both cards are aces, you win $1.25; otherwise, you lose $1. Is this a fair bet? A gambling game is said to be fair when the expected value of your net winnings is 0
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
6 cards are taken from a deck: 2 kings and 4 aces. The 6 cards are thoroughly shuffled, after which the two top cards are revealed. If both cards are aces, you win $1.25; otherwise, you lose $1. Is this a fair bet? A gambling game is said to be fair when the expected value of your net winnings is 0.
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