Kala has a bag with 8 balls numbered 1 through 8 . She is playing a game of chance. This game is this: Kala chooses one ball from the bag at random. She wins $1 if the number 1 is selected, $2 if the number 2 is selected, $5 if the number 3 is selected, $6 if the number 4 is selected, $8 if the number 5 is selected, and $10 if the number 6 is selected. She loses $14 if 7 or 8 is selected. (a) Find the expected value of playing the game. dollars (b) What can Kala expect in the long run, after playing the game many times? (She replaces the ball in the bag each time.) Kala can expect to gain money. Shecanexpecttowindollarsperselection. Kala can expect to lose money. Shecanexpecttolosedollarsperselection. Kala can expect to break even (neither gain nor lose money).
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.
Kala has a bag with
8
balls numbered
1
through
8
. She is playing a game of chance.
This game is this: Kala chooses one ball from the bag at random. She wins
$1
if the number
1
is selected,
$2
if the number
2
is selected,
$5
if the number
3
is selected,
$6
if the number
4
is selected,
$8
if the number
5
is selected, and
$10
if the number
6
is selected. She loses
$14
if
7
or
8
is selected.
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