New game You pay $10 and roll a die. If you get a 6, youwin $50. If not, you get to roll again. If you get a 6 thistime, you get your $10 back.a) Create a probability model for this game.b) Find the expected value and standard deviation of yourprospective winnings.c) You play this game five times. Find the expected valueand standard deviation of your average winnings.d) 100 people play this game. What’s the probability theperson running the game makes a profit?
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.
New game You pay $10 and roll a die. If you get a 6, you
win $50. If not, you get to roll again. If you get a 6 this
time, you get your $10 back.
a) Create a
b) Find the
prospective winnings.
c) You play this game five times. Find the expected value
and standard deviation of your average winnings.
d) 100 people play this game. What’s the probability the
person running the game makes a profit?
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