Your teacher is randomly generating numbers from 1-30. For $0.50 you can bet if the number is going to be even, or if the number is going to be in the 20's, or if the number contains a 5. You must pick one of the three categories. The payouts are: even number pays $1, number in the 20"s pays $1.75 and a number containing a 5 is worth $6.00. If you play 10 times what is the expected profit/loss?
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 teacher is randomly generating numbers from 1-30. For $0.50 you can bet if the number is going to be even, or if the number is going to be in the 20's, or if the number contains a 5. You must pick one of the three categories. The payouts are: even number pays $1, number in the 20"s pays $1.75 and a number containing a 5 is worth $6.00. If you play 10 times what is the expected profit/loss? The answer in the book says $0.80 profit.
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