Find the expected value : In the game of roulette, a player can place a $15 bet on number 19 and have 1/38 probability of winning. If the metal ball lands on 29, the player wins $450. Otherwise, the casino takes the players $15. What is the expected value of the game, to the player?
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.
Find the
In the game of roulette, a player can place a $15 bet on number 19 and have 1/38 probability of winning. If the metal ball lands on 29, the player wins $450. Otherwise, the casino takes the players $15. What is the expected value of the game, to the player?
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