dice game works like this: If you roll a 1, 2 or 5, you lose $60. If you roll a 3, you win $300. If you roll a 4 or 6, you win $20. Should you play the game? Answer yes or no. __________ Use expected values and decision theory to justify your answer. Please round the answer to two decimal places. Expected value of four games is $__________.
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.
dice game works like this:
If you roll a 1, 2 or 5, you lose $60. If you roll a 3, you win $300. If you roll a 4 or 6, you win $20.
Should you play the game? Answer yes or no.
__________
Use expected values and decision theory to justify your answer. Please round the answer to two decimal places.
Expected value of four games is $__________.
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