You enter a raffle where ten-thousand raffle tickets are given away. One first prize of $1,500, 2 second prizes of $800 each and 5 third prizes of $500 each are to be awarded, with all winners selected randomly. If you have one ticket, what are your expected winnings?
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 enter a raffle where ten-thousand raffle tickets are given away. One first prize of $1,500, 2 second prizes of $800 each and 5 third prizes of $500 each are to be awarded, with all winners selected randomly. If you have one ticket, what are your expected winnings?
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