Payoffs in this lottery are given by the following: x p(x) $100 .15 $60 .25 $20 .10 $10 .30 $40 .20 a) Find this lottery’s expected value _________________ b) Find the probability that a person will win more than $20._______________________________
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.
Payoffs in this lottery are given by the following:
x p(x)
$100 .15
$60 .25
$20 .10
$10 .30
$40 .20
a) Find this lottery’s
b) Find the
$20._______________________________
1) * in order to find expected value, we need to multiply each pay of with probability and then sum it together.
100*0.15= 15
60*0.25= 15
20*0.10= 2
10*0.30= 3
40.0.20= 8
Expected value= 15+15+2+3+8=43
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