If you pay me $1. I will let you play the following gmabling game. You drop your pencil point into the middle of a table of random digits and then look at the digit and then look at the digit on which it lands. If it is a 7, you win $5; if it is a 1, you win $2, otherwise you win nothing. Find the expected value of the amount you win in one play of this game. Explain in simple terms what the expected value tells you about your winnings if you play this game many times. Is it yo your advantage to pay $1 to play?
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.
If you pay me $1. I will let you play the following gmabling game. You drop your pencil point into the middle of a table of random digits and then look at the digit and then look at the digit on which it lands. If it is a 7, you win $5; if it is a 1, you win $2, otherwise you win nothing. Find the
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