Imagine you are in charge of raising funds for Project Rhythm Inc, a Jackson Heights, NY based charity. Your plan is to organize a game of chance during the annual Spring barbecue event. Each participant of the the game pays an entry fee to roll a dice and multiply the result by 10–that’s how much they win. For example, if they roll a 5, they win $ If they roll a 2, they win $20. If they roll a 1 they win $10. How much would a participant expect to win in a single turn at this game.That is, calculate the expected value. What should the entry fee be so that, on average, the charity earns $500 for 100 participants?

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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.