Suppose someone offers to pay you $100 if you draw 3cards from a standard deck of 52 cards and all the cards areclubs. What should you pay for the chance to win if it is afair game?
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 someone offers to pay you $100 if you draw 3
cards from a standard deck of 52 cards and all the cards are
clubs. What should you pay for the chance to win if it is a
fair game?
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