There are 10 cards face down numbered 1-10. You pick at random one card. Your payoff is $0.50 if the number on the card is less than 5 and is the dollar value on the card otherwise.(Ex: if card is numbered 6 your payoff is $6). What is the expected value of your payoff?
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.
There are 10 cards face down numbered 1-10. You pick at random one card. Your payoff is $0.50 if the number on the card is less than 5 and is the dollar value on the card otherwise.(Ex: if card is numbered 6 your payoff is $6). What is the
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