Among 1000 lottery tickets one wins 500 euros, 10 tickets win 100 euros each, 50 tickets win 20 euros each, and 100 tickets win 5 euros each. An ISM student bought one lottery ticket. Random variable X – amount of money the ticket (and student who bought the ticket too) wins. Find the probability distribution of X. Compute expected value and standard deviation of X. Interpret your results.
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.
Among 1000 lottery tickets one wins 500 euros, 10 tickets win 100 euros each, 50 tickets win 20 euros each, and 100 tickets win 5 euros each. An ISM student bought one lottery ticket. Random variable X – amount of money the ticket (and student who bought the ticket too) wins. Find the
Step by step
Solved in 2 steps
