You will roll a die and flip a coin. If you roll a two and get heads you win $1,000. If you roll a four or six and get heads you win $500. If you roll an even number and tails you win $10. If you roll an odd number and heads you win $10. If you roll an odd number and tails you lose. a. Create the probability distribution model. (Show any work on the side for how you calculated the probabilities). b. Calculate the expected winnings for this game. c. Decide on a price to play for the game that would make it an unfair game. (Answers will vary
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 will roll a die and flip a coin. If you roll a two and get heads you win $1,000. If you roll a
four or six and get heads you win $500. If you roll an even number and tails you win $10. If you roll an
odd number and heads you win $10. If you roll an odd number and tails you lose.
a. Create the
the probabilities).
b. Calculate the expected winnings for this game.
c. Decide on a price to play for the game that would make it an unfair game. (Answers will vary
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