A local organization sells 10,000 lottery tickets for $1 each. Prizes are awarded by a random drawing of three ticket numbers. The holder of the first number drawn wins a new TV set worth $300, the holder of the second number drawn wins a $200 shopping spree at a local supermarket, and the holder of the third drawn number wins $50 cash. If you buy one ticket what are your expected earnings?
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 local organization sells 10,000 lottery tickets for $1 each. Prizes are awarded by a random drawing of three ticket numbers.
The holder of the first number drawn wins a new TV set worth $300, the holder of the second number drawn wins a $200 shopping spree at a local supermarket, and the holder of the third drawn number wins $50 cash. If you buy one ticket what are your expected earnings?
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