Choose a card from a standard deck of 52 playing cards. If you choose a 2 through 10, you will get the value of the card back (ex, pick a 4 of spades and get $4). If you choose a Jack, Queen or King, you get $15. If you pick an Ace, you get $25. (i) What is the expected amount you would win if you played this game? Show how you got your answer. (ii) If the person running this game decided she wanted to make a 10% profit, to the nearest dollar, how much should she charge to play the game?
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.
Choose a card from a standard deck of 52 playing cards. If you choose a 2 through 10, you will get the value
of the card back (ex, pick a 4 of spades and get $4). If you choose a Jack, Queen or King, you get $15. If
you pick an Ace, you get $25.
(i) What is the expected amount you would win if you played this game? Show how you got your answer.
(ii) If the person running this game decided she wanted to make a 10% profit, to the nearest dollar, how
much should she charge to play the game?
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