In the game of roulette, a player a can place a $8 bet on the number 6 and have a 1/38 probability of winning. If the metal ball lands on 6, the player ges to keep the $8 paid to play the game and the plaeyer is awarded an additional $280. Otherwise, the player is awarded nothing and the casino takes the player's $8. Find the expected value E(x) to the player for one play of the game. If x is the gain to a player in a game of chance, then E(x) is usually negative. The value gives the average amount per game the player can expect to lose. What is the expected value?
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 the game of roulette, a player a can place a $8 bet on the number 6 and have a 1/38 probability of winning. If the metal ball lands on 6, the player ges to keep the $8 paid to play the game and the plaeyer is awarded an additional $280. Otherwise, the player is awarded nothing and the casino takes the player's $8. Find the expected value E(x) to the player for one play of the game. If x is the gain to a player in a game of chance, then E(x) is usually negative. The value gives the average amount per game the player can expect to lose.
What is the expected value?
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