Professor Ramos will participate in a lottery that will be played by five hundred participants. He buys a ticket for five dollars. If the lucky randomly selected winner gets one hundred dollars as a prize, what would Ramos' expected winnings or losses be?
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.
Professor Ramos will participate in a lottery that will be played by five hundred participants. He buys a ticket for five dollars. If the lucky randomly selected winner gets one hundred dollars as a prize, what would Ramos' expected winnings or losses be?
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