You are participating in a draw with the probabilities given below. It's $1.50 to enter, with a 30% chance of getting your money back, and a 10% chance of getting your money back and winning $10 in addition. Let x be the amount of money you win/lose by oarticipartic in this draw. A) complete the table B) what is the expected value of x? C) after calculating the expected value, would you invest $1,000 in this game of chance? Why or why not?
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.
You are participating in a draw with the probabilities given below. It's $1.50 to enter, with a 30% chance of getting your money back, and a 10% chance of getting your money back and winning $10 in addition. Let x be the amount of money you win/lose by oarticipartic in this draw.
A) complete the table
B) what is the
C) after calculating the expected value, would you invest $1,000 in this game of chance? Why or why not?
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
