You bet! You roll a die. If it comes up a 6, you win $100.If not, you get to roll again. If you get a 6 the secondtime, you win $50. If not, you lose.a) Create a probability model for the amount you win.b) Find the expected amount you’ll win.c) What would you be willing to pay to play this game?
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 bet! You roll a die. If it comes up a 6, you win $100.
If not, you get to roll again. If you get a 6 the second
time, you win $50. If not, you lose.
a) Create a probability model for the amount you win.
b) Find the expected amount you’ll win.
c) What would you be willing to pay to play this game?
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