A roulette wheel has 38 numbers, with 18 odd numbers (black) and 18 even numbers (red), as well as 0 and 00 (which are green). You bet 5 dollars that the outcome is an odd number. If you win you get 10 dollars; otherwise you lose your 5 dollars. Note: assume the 0 and 00 numbers are considered even numbers. a. What is your expected winnings? b. Which of these options is best: bet on an odd number or don’t bet? Why?
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.
A roulette wheel has 38 numbers, with 18 odd numbers (black) and 18 even numbers (red), as well as 0 and 00 (which are green). You bet 5 dollars that the outcome is an odd number. If you win you get 10 dollars; otherwise you lose your 5 dollars. Note: assume the 0 and 00 numbers are considered even numbers.
a. What is your expected winnings?
b. Which of these options is best: bet on an odd number or don’t bet? Why?
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