The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $10 each and will sell 500 tickets. There is one $1,000 grand prize, five $100 second prizes, and ten $20 third prizes. You just bought a ticket. Find the expected value for your profit.
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.
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $10 each and will sell 500 tickets. There is one $1,000 grand prize, five $100 second prizes, and ten $20 third prizes. You just bought a ticket. Find the expected value for your profit.
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