Is a 50/50 raffle a fair game? During a fundraiser a group sold 100 tickets for $20 each. From the $2000 earnings, half went to the only winner of the raffle and the other half went to the group. Determine the expected value for the cost or profit of the game by each ticket holder. Finally determine if the game is fair.
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.
Is a 50/50 raffle a fair game?
During a fundraiser a group sold 100 tickets for $20 each. From the $2000 earnings, half went to the only winner of the raffle and the other half went to the group. Determine the
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