Probability of lottery winnings
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What is the probability you will win any money in the state lottery and the probability that you will win at least $100, if the payoff for $2.00 is 0.0200; $25.00 is 0.0100; $100 is 0.0050; $500 is 0.0010; $5000 si 0.0005 and $10,000 is 0.0001? Please show step by step in detail of how you compute the answers.
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Solution Summary
The solution provides a step-by-step answer to determine the probability of lottery winnings.
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P (Of any money) = P(2) + P(25) + P(100) + P(500) + P(5,000) + P (10,000)
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