An online gambling site offers a lottery with the first prize of $20,000, the second prize of $8,000, and the third prize of $4,000. It takes $4 to enter and a winner is selected at random. What are the expected winnings if 10,000 people enter the lottery?
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.
An online gambling site offers a lottery with the first prize of $20,000, the second prize of $8,000, and the third prize of $4,000. It takes $4 to enter and a winner is selected at random. What are the expected winnings if 10,000 people enter the lottery?
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