A casino features a game in which a weighted coin is tossed several times. The table shows the probability of each payout amount (assume that the remaining probability has a payout of 0 so that the probabilities add to 1). To the nearest dollar, what is expected payout of the game? Payout Amount $130 $2,800 $135,000 Probability 0.131 0.021 0.0003
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.
A casino features a game in which a weighted coin is tossed several times. The table shows the
|
Payout Amount |
$130 |
$2,800 |
$135,000 |
|
Probability |
0.131 |
0.021 |
0.0003 |
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