A certain game involves tossing 3 fair coins, and it pays 8¢ for 3 heads, 3¢ for 2 heads, and 1¢ for 1 head. Is 3¢ a fair price to pay to play this game? That is, does the 3¢ cost to play make the game fair? What are the expected winnings for this game in cents?
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 certain game involves tossing 3 fair coins, and it pays 8¢ for 3 heads, 3¢ for 2 heads, and 1¢ for 1 head. Is 3¢ a fair price to pay to play this game? That is, does the 3¢ cost to play make the game fair? What are the expected winnings for this game in cents?
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