In the Illinois pick 3 lottery game, you pay 50 cents to select a sequence of 3 digits, such as 314. If you select the same sequence of three digits that are drawn by the organizer, then you win and collect 250$. Show all of your steps for all of the following problems: 1. How many different selections are possible and what is the probability of winning? 2. If you win, what is your net profit? if you do not win, what is your net profit? 3. Let X be the random variable representing your net profit. determine the possible values that X can take on, and the probability of each: write in distribution Table 4. Find your expected winnings-that is, find the expected value of X.
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
In the Illinois pick 3 lottery game, you pay 50 cents to select a sequence of 3 digits, such as 314. If you select the same sequence of three digits that are drawn by the organizer, then you win and collect 250$. Show all of your steps for all of the following problems:
1. How many different selections are possible and what is the probability of winning?
2. If you win, what is your net profit? if you do not win, what is your net profit?
3. Let X be the random variable representing your net profit. determine the possible values that X can take on, and the probability of each: write in distribution Table
4. Find your expected winnings-that is, find the
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