In a gambling game a person draws two cards from an ordinary 52-card playing deck. A person is paid $100 if both cards are aces and $50 if at least one of the cards is an ace. If a person draws any other cards, she pays $1. If a person plays this game, what is the expected gain?
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.
In a gambling game a person draws two cards from an ordinary 52-card playing deck. A person is paid $100 if both cards are aces and $50 if at least one of the cards is an ace. If a person draws any other cards, she pays $1. If a person plays this game, what is the expected gain?
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