If you draw a card with a value of four or less from a standard deck of cards, I will pay you $162. If not, you pay me $45. (Aces are considered the highest card in the deck.) Find the expected value of the proposition. Round your answer to two decimal places. Losses must be expressed as negative values.
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.
If you draw a card with a value of four or less from a standard deck of cards, I will pay you $162. If not, you pay me $45. (Aces are considered the highest card in the deck.)
Find the expected value of the proposition. Round your answer to two decimal places. Losses must be expressed as negative values.
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