One application of the "cover all the numbers" strategy would be to bet $1 on every single number in roulette. (a) Find the results of this strategy. What is the expected value? $ (b) How could you use the expected value of the $1 single-number bet (-$2/38) to answer part (a)?
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.
One application of the "cover all the numbers" strategy would be to bet $1 on every single number in roulette.
$
(b) How could you use the expected value of the $1 single-number bet (-$2/38) to answer part (a)?
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