A lottery game offers php. 2,000,000 to the grand prize winner, Php. 20 to 10,000 second prize winners, and Php. 4 each of 50,000 third prize winners. The cost of the lottery is Php. 2 per ticket. Suppose that 1,500,000 tickets are sold. What is the expected gain or loss of tickets?
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 lottery game offers php. 2,000,000 to the grand prize winner, Php. 20 to 10,000 second prize winners, and Php. 4 each of 50,000 third prize winners. The cost of the lottery is Php. 2 per ticket. Suppose that 1,500,000 tickets are sold. What is the expected gain or loss of tickets?
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