From the prizes, ten percent are worth 1000 dollars, twenty percent are worth 100 dollars, and seventy percent are worth 10 dollars. If she purchases one slot, what is her expected amount of winnings
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.
From the prizes, ten percent are worth 1000 dollars, twenty percent are worth 100 dollars, and
seventy percent are worth 10 dollars. If she purchases one slot, what is her expected amount of winnings?
a) $127
b) $27.8
c) $105.90
d) $14.11
e) $42.33
Let X be the random variable which denotes the amount of winning.
The following table represents the possible winnings with their corresponding probabilities,
| X | 1000 | 100 | 10 |
| P(X) | 0.10 | 0.20 | 0.70 |
The expected value of X is calculated as,
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