A game consists of the following. First, a coin is flipped. If the coin lands heads, a random real number is drawn from the uniform distribution on [0, 2]. If the coin is tails, a random real number is drawn from the exponential distribution with mean 1. If the random real number is drawn is at least 1.5, the player wins $1,000. Otherwise, the player loses $400. What is the expected amount of money won (or lost) from the 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.
A game consists of the following. First, a coin is flipped. If the coin lands heads, a random real number is drawn from the uniform distribution on [0, 2]. If the coin is tails, a random real number is drawn from the exponential distribution with mean 1. If the random real number is drawn is at least 1.5, the player wins $1,000. Otherwise, the player loses $400. What is the expected amount of money won (or lost) from the game?
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