Suppose you enter a contest where your probability of coming in first place is 0.28 and your probability of coming in second place is 0.23. If you come in first place, you win $73. If you come in second place, you win $21. If you don't come in first or second place, you have to pay $30. What is the expected value of this game? Answer = $ ?
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 you enter a contest where your
Answer = $ ?
Round your answer to the nearest penny/cent (two decimal places).Include a negative sign, if appropriate.
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