Mark plays a game with a biased coin with P(Heads) = 0.74 and P(Tails) = 0.26. He plays each game by tossing the coin once. If he tosses a head, he pays $7. If he tosses a tail, he wins $10. %3D Complete the probability distribution table. Probability Distribution Table P(x) 10 What is your long-term expected profit per game? 24 What is the standard deviation? %$4
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.
Given information:
A game is played by tossing a biased coin.
- Pay $7 on tossing a Head.
- Win $10 on tossing a Tail.
The coin is biased as:
- P(Heads)=0.74.
- P(Tails)=0.26.
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