When you bet $5 on the number 7 in roulette at a typical casino, you have a 37/38 probability of losing $5 and a 1/38 probability of making a net gain of $175(after paying your bet). If you bet $5 on an odd number, the probability of losing $5 is 20/38 and the probability of a net gain of $5 is 18/38. a. What is the expected value of betting$5 on the number 7? b. What is the expected value of betting$5 on an odd number?
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.
When you bet $5 on the number 7 in roulette at a typical casino, you have a 37/38 probability of losing $5 and a 1/38 probability of making a net gain of $175(after paying your bet). If you bet $5 on an odd number, the probability of losing $5 is 20/38 and the probability of a net gain of $5 is 18/38.
a. What is the expected value of betting$5 on the number 7?
b. What is the expected value of betting$5 on an odd number?
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