You are running a booth at a county fair. You have a large spinner that is 1/2 blue, 1/3 red and 1/6 black. Players can spin the spinner and if they land on red they get $3, if they land on black they get $5 and if they land on blue they get nothing. If you want the expected value of YOUR profit to be $1/spin, how much should you charge for each spin? Round your answer to the nearest cent and do not include a dollar sign. ( ie 3.54 not $3.54
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.
You are running a booth at a county fair. You have a large spinner that is 1/2 blue, 1/3 red and 1/6 black. Players can spin the spinner and if they land on red they get $3, if they land on black they get $5 and if they land on blue they get nothing. If you want the expected value of YOUR profit to be $1/spin, how much should you charge for each spin? Round your answer to the nearest cent and do not include a dollar sign. ( ie 3.54 not $3.54)
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