A $1 slot machine at a casino is set so that it returns 97% of all the money put into it in the form of winnings, with most of the winning in the form of huge but low-probability jackpots. What is your probability of winning when you put $1 into this slot machine? A) The probability will be 0.97 because that is the probability of winning given in the problem statement. B) It cannot be calculated from the given data, but it is certainly quite low. We would need to know the value of the jackpots to determine the correct probability. C) The probability will be 0.97, which is 97% in decimal form. D) It cannot be calculated from the given data, but it is certainly quite low. You would need to play the slot machine 1000 times to determine the correct probability. E) The probability will be 0.03. If the machine wins 97% of the time, you only win 3% of the time. F)The probability will be 0.03, which is 97% subtracted from 100%.
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 $1 slot machine at a casino is set so that it returns 97% of all the money put into it in the form of winnings, with most of the winning in the form of huge but low-
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