Find the expected values and answer the questions based on the given scenario. You and a friend have created a carnival game for your classmates. You plan to charge $1 for each time a student plays, and the payout for a win is $5. According to your calculations, the probability of a win is .05. 1) What is your expected value for this game? The expected value is _______. 2) This means that on average, you can expect to gain $_______ each time someone plays your 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.
Find the
You and a friend have created a carnival game for your classmates. You plan to charge $1 for each time a student plays, and the payout for a win is $5. According to your calculations, the
1) What is your expected value for this game? The expected value is _______.
2) This means that on average, you can expect to gain $_______ each time someone plays your game.
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