The Powerball lottery jackpot has a winning probability of 1/189,000,000. If you only consider the options of winning the jackpot ($100,000,000) or losing, what the is the mean value of a ticket that costs $2 to buy? At what point does the mean value of a ticket become positive?
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.
The Powerball lottery jackpot has a winning probability of 1/189,000,000. If you only consider the options of winning the jackpot ($100,000,000) or losing, what the is the
Step by step
Solved in 2 steps
