A nonprofit organization sells chances for a $40,000 classic Mustang at $100 per ticket. It sells 1500 tickets and offers four prizes, summarized in the table. What are the expected winnings (or loss) for each ticket? (Round your answer to the nearest cent.) Prizes Amount First $40,000 Second 8,200 Third 4,500 Fourth 1,500
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 nonprofit organization sells chances for a $40,000 classic Mustang at $100 per ticket. It sells 1500 tickets and offers four prizes, summarized in the table. What are the expected winnings (or loss) for each ticket? (Round your answer to the nearest cent.)
| Prizes | Amount |
|---|---|
| First | $40,000 |
| Second | 8,200 |
| Third | 4,500 |
| Fourth | 1,500 |
There is an expected ---Select--- winning loss of $
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