ppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $17. If you roll a 3, 4 or 5, you win $4. Otherwise, you pay $8. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) b. Find the expected profit. $ (Round to the nearest cent) c. Interpret the expected value. If you play many games you will likely win on average very close to $2.17 per game. This is the most likely amount of money you will w
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.
Suppose that you are offered the following "deal." You roll a six sided die. If you roll a 6, you win $17. If you roll a 3, 4 or 5, you win $4. Otherwise, you pay $8.
a. Complete the
Probability Distribution Table
| X | P(X) |
|---|---|
b. Find the expected profit. $ (Round to the nearest cent)
c. Interpret the
- If you play many games you will likely win on average very close to $2.17 per game.
- This is the most likely amount of money you will win.
- You will win this much if you play a game.
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