Arizona’s “Cash 4” is a 4/26 lottery. The lottery costs $1 to enter. If you match all four numbers, you win $10,000; if you match three numbers correctly, you win $25; and if you match two you numbers you win $2. Find the probability of winning first place. Repeat for second and third place. Compute the probability of losing the Cash 4 lottery. Use the preceding parts to compute the expected value of the Cash 4 lottery; be sureto include the cost of the ticket in your calculations.
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.
Arizona’s “Cash 4” is a 4/26 lottery. The lottery costs $1 to enter. If you match all four numbers, you win $10,000; if you match three numbers correctly, you win $25; and if you match two you numbers you win $2.
Find the
Compute the probability of losing the Cash 4 lottery.
Use the preceding parts to compute the
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