Moe plays a simplified version of powerball: you either win the entire jackpot of $200,000,000 or you lose the cost to play (i.e., $2). The probability of winning powerball is 1 out of 292,201,338 (the probability of losing is thus 1-1/292,201,338). What is the expected value of playing this version of powerball?
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.
Moe plays a simplified version of powerball: you either win the entire jackpot of $200,000,000 or you lose the cost to play (i.e., $2). The
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