A table at a fair is testing out a new game that works as follows: the player rolls two six-sided dice. If the first die is less than six, then the player wins no money. If the first die shows the number six and the second die shows the number m, then the player wins 6/m dollars. How much money should the table at the fair charge to the play the game if the table wants to have an expected earnings of $0.55 on a single 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.
A table at a fair is testing out a new game that works as follows: the player
rolls two six-sided dice. If the first die is less than six, then the player wins no money. If
the first die shows the number six and the second die shows the number m, then the player
wins 6/m dollars. How much money should the table at the fair charge to the play the game
if the table wants to have an expected earnings of $0.55 on a single game?
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