Prizes and the chances of winning in a sweepstakes are given in the table below. Prize Chances $10,000,000 1 chance in 400,000,000 $150,000 1 chance in 100,000,000 $50,000 1 chance in 60,000,000 $20,000 1 chance in 5,000,000 $300 1 chance in 700,000 A watch valued at $70 1 chance in 5,000 (a) Find the expected value (in dollars) of the amount won by one entry. (b) Find the expected value (in dollars) if the cost of entering this sweepstakes is $1.
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.
Prizes and the chances of winning in a sweepstakes are given in the table below.
| Prize | Chances |
| $10,000,000 | 1 chance in 400,000,000 |
| $150,000 | 1 chance in 100,000,000 |
| $50,000 | 1 chance in 60,000,000 |
| $20,000 | 1 chance in 5,000,000 |
| $300 | 1 chance in 700,000 |
| A watch valued at $70 | 1 chance in 5,000 |
(a) Find the
(b) Find the expected value (in dollars) if the cost of entering this sweepstakes is $1.
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