The Binomial Probability Distribution and Related TopicsBasic Computation: Expected Value: Part 2/3 Question:For a fundraiser, 1000 raffle tickets are sold and the winner is chosen at random. There is only one prize, $500 in cash. You buy 1 ticket. (b) Your expected earnings can be found by multiplying the value of the prize by the probability you will win the prize. What are your expected earnings?
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.
The Binomial
Basic Computation:
Part 2/3
Question:
For a fundraiser, 1000 raffle tickets are sold and the winner is chosen at random. There is only one prize, $500 in cash. You buy 1 ticket.
(b) Your expected earnings can be found by multiplying the value of the prize by the probability you will win the prize. What are your expected earnings?
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