Mike and Bill play a card game with a standard deck of 52 cards. Mike selects a card from a well-shuffled deck andreceives A dollars from Bill if the card selected is a diamond and receives $1 from Bill if the card selected is an ace that is not adiamond. Otherwise, Mike pays Bill two dollars. Determine the value of A if the game is to be 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.
Mike and Bill play a card game with a standard deck of 52 cards. Mike selects a card from a well-shuffled deck and
receives A dollars from Bill if the card selected is a diamond and receives $1 from Bill if the card selected is an ace that is not a
diamond. Otherwise, Mike pays Bill two dollars. Determine the value of A if the game is to be fair.
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