Janelle is playing craps and places a $5 bet on the number 8 with a probability of winning at 5/36. However, the probability of losing is 1/6 and happens if a 7 is rolled. Any other number rolled means she doesn't win or lose and the game continues. If an 8 is rolled, she will win $6 (and keep her initial bet) but if a 7 is rolled, she loses all $5. What is the expected value for Janelle
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.
Janelle is playing craps and places a $5 bet on the number 8 with a probability of winning at 5/36.
However, the probability of losing is 1/6 and happens if a 7 is rolled.
Any other number rolled means she doesn't win or lose and the game continues.
If an 8 is rolled, she will win $6 (and keep her initial bet) but if a 7 is rolled, she loses all $5.
What is the
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
