In Las Vegas $1 slot machines average a 95% payout;in other words, the expected value of a $1 bet is $0.95.Given that the machines’ outcomes are random, which ofthese is true?A) A gambler who spends $100 will win $95 back.B) If a gambler plays long enough, he’ll get all but 5%of his money back.C) There is a 95% chance that a gambler will losemoney.D) In the long run, the casinos’ profits should be about5% of what the gamblers bet.E) A gambler who has lost many times in a row is morelikely to win on the next bet.
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 Las Vegas $1 slot machines average a 95% payout;
in other words, the expected value of a $1 bet is $0.95.
Given that the machines’ outcomes are random, which of
these is true?
A) A gambler who spends $100 will win $95 back.
B) If a gambler plays long enough, he’ll get all but 5%
of his money back.
C) There is a 95% chance that a gambler will lose
money.
D) In the long run, the casinos’ profits should be about
5% of what the gamblers bet.
E) A gambler who has lost many times in a row is more
likely to win on the next bet.
Trending now
This is a popular solution!
Step by step
Solved in 6 steps
