Robert bought a $4 lottery ticket such that 1 in 100 would win $12, 1 in 1000 would win $80, and 1 in 50 million would win 1 million. What is the expected value of a lottery ticket in dollars? Does Robert expect to earn a profit if he buys 100 tickets? By how much?
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.
| xx | P(x)P(x) |
|---|---|
| 0 | 0.2 |
| 1 | 0.05 |
| 2 | 0.1 |
| 3 | 0.65 |
Find the standard deviation of this
Robert bought a $4 lottery ticket such that 1 in 100 would win $12, 1 in 1000 would win $80, and 1 in 50 million would win 1 million. What is the
Does Robert expect to earn a profit if he buys 100 tickets?
By how much?
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