A game has an expected value to you of $400. It costs $200 to play, but if you win you receive $100,000 (including your $200 bet), for a net gain of $99,800. What is the probability of winning?
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.
A game has an
It costs
to play, but if you win you receive $100,000 (including your
bet), for a net gain of
What is the
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