A card is drawn from a standard 52-card deck. If the card is a king, you win $40; otherwise, you lose $4. What is the expected value of the game? Let X be the random variable for the amount won on a single play of this game.
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.
Let X be the random variable for the amount won on a single play of this game.
Number king in a standard 52-card deck=4
The expected value of the game is obtained as below:
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