Part 1: A carnival game consists of a player paying $1 to guess the result of the toss of a fair 6-sided die. If the player's prediction is correct, he or she wins $5. What is the expected value of this game? Express your answer as a decimal rounded to two decimal places.
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.
Part 1:
A carnival game consists of a player paying $1 to guess the result of the toss of a fair 6-sided die. If the player's prediction is correct, he or she wins $5. What is the
Part 2:
Using the carnival game from the previous question, what would the fair price be for the game? Express your answer as a decimal rounded to two decimal places.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
