Suppose that you and a friend are playing cards and decide to make a bet. If you draw two non-face cards, where a face card is a Jack, a Queen, or a King, in succession from a standard deck of 5252 cards without replacing the first card, you win $10$10. Otherwise, you pay your friend $20$20. What is the expected value of your bet? Round your answer to the nearest cent, if necessary.
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 and a friend are playing cards and decide to make a bet. If you draw two non-face cards, where a face card is a Jack, a Queen, or a King, in succession from a standard deck of 5252 cards without replacing the first card, you win $10$10. Otherwise, you pay your friend $20$20. What is the expected value of your bet? Round your answer to the nearest cent, if necessary.
Given information:
The number of cards in a deck is 52.
The set of 52 cards are divided into 4 suits. The 4 suits are:
- Diamonds
- Clubs
- Hearts
- Spades
Now each of the 4 suits are divided as given below:
(Ace, 2, 3, 4, 5, 6, 7, 8, 9, 10, Jack, Queen, King).
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