In the game of roulette, a player can place a $5 bet on the number 7 and have a 1/38 probability of winning. If the metal ball lands on 7, the player gets to keep the $5 paid to play the game and the player is awarded an additional $175. Otherwise, the player is awarded nothing and the casino takes the player's $5. What is the expected value of the game to the player? If you played the game 1000 times, how much would you expect to lose?
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.
In the game of roulette, a player can place a $5 bet on the number 7 and have a 1/38 probability of winning. If the metal ball lands on 7, the player gets to keep the $5 paid to play the game and the player is awarded an additional $175. Otherwise, the player is awarded nothing and the casino takes the player's $5. What is the
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