Share
Explore BrainMass

Probability of lottery winnings

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.

Solution Preview

P (Of any money) = P(2) + P(25) + P(100) + P(500) + P(5,000) + P (10,000)
...

Solution Summary

The solution answers the questions below in detail.

$2.19