Your friend makes up a game to play over Zoom during the shelter in place, and asks if you would like to play. The rules are: You win $8 if you roll a 6. You win $4 if you roll a 4 or 5 Otherwise, you have to pay $10. a. Complete the PDF Table. List the X values, where X is the profit, from smallest to largest. The first value is filled in for you. Round to 4 decimal places where appropriate. Probability Distribution Table X P(X) -10 b. Find the expected profit. $ (Round to the nearest cent) c. Interpret the expected value. You will win this much if you play a game. This is the most likely amount of money you will win. If you play many games, on average, you will likely win, or lose if negative, close to this amount.
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.
Your friend makes up a game to play over Zoom during the shelter in place, and asks if you would like to play. The rules are:
- You win $8 if you roll a 6.
- You win $4 if you roll a 4 or 5
- Otherwise, you have to pay $10.
a. Complete the
Probability Distribution Table
| X | P(X) |
|---|---|
|
-10 |
|
b. Find the expected profit. $ (Round to the nearest cent)
c. Interpret the
- You will win this much if you play a game.
- This is the most likely amount of money you will win.
- If you play many games, on average, you will likely win, or lose if negative, close to this amount.
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