At a carnival, 100 tickets are sold at $3 each for 3 prizes of $10, $30, and $50. Suppose you buy one ticket. What is the probability of not winning the prize? [ Select ] What is the expected value of your gain? [ Select ]
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.
Given information
100 tickets
Prize of each ticket = $3
3 Prizes are there
No of tickets not containing prizes = 100 – 3 = 97
Probability of not winning the prize is given by
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