A casino is offering a gamble to customers. A single, fair six-sided die is rolled. If a player rolls 1,2, or 3, the payoff is the number rolled in dollars. If the player rolls 4,5, or 6, they get to draw from a standard 52-card deck of cards and gets paid the number on the card in dollars (kings, queens, jacks, and aces are each worth $10). What price to play makes this a fair gamble?
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 casino is offering a gamble to customers. A single, fair six-sided die is rolled. If a player rolls 1,2, or 3, the payoff is the number rolled in dollars. If the player rolls 4,5, or 6, they get to draw from a standard 52-card deck of cards and gets paid the number on the card in dollars (kings, queens, jacks, and aces are each worth $10). What price to play makes this a fair gamble?
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