A game show contestant is offered the option of receiving a computer system worth $2300 or accepting a chance to win either a luxury vacation worth $4300 or a boat worth $7800. If the second option is chosen the contestant's probabilities of winning the vacation or the boat are 0.20 and 0.15, respectively. If the contestant were to turn down the computer system and go for one of the other prizes, what would be the expected winnings? The expected winnings are ___________
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 show contestant is offered the option of receiving a computer system worth $2300 or accepting a chance to win either a luxury vacation worth $4300 or a boat worth $7800. If the second option is chosen the contestant's probabilities of winning the vacation or the boat are 0.20 and 0.15, respectively. If the contestant were to turn down the computer system and go for one of the other prizes, what would be the expected winnings?
The expected winnings are ___________
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