There are 12 slips of paper in a hat. I will let you reach in and grab one, without looking. An amount of money is written on each piece of paper. One has $100, two have $50, three have $20, and the rest have $–20. If your paper has a positive amount, I will give you that amount in cash. If you get $–20, you must pay me $20. Calculate the expected value of playing the 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.
There are 12 slips of paper in a hat. I will let you reach in and grab one, without looking. An amount of money is written on each piece of paper. One has $100, two have $50, three have $20, and the rest have $–20. If your paper has a positive amount, I will give you that amount in cash. If you get $–20, you must pay me $20. Calculate the expected value of playing the game.
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