Consider a six-sided die that has been biased such that odd outcomes are thrice as likely as even outcomes. Suppose a person plays a game in which he/she rolls the die once, and wins X dollars where X is the number that appears on the top surface of the die after a single roll. The cost of playing this game once is 3 dollars. What is the expected value of the person's earning (net cashflow) from a single play? What is the standard deviation of this earning?
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.
Consider a six-sided die that has been biased such that odd outcomes are thrice as likely as even outcomes. Suppose a person plays a game in which he/she rolls the die once, and wins X dollars where X is the number that appears on the top surface of the die after a single roll. The cost of playing this game once is 3 dollars. What is the
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