Assume that we plan to play the Texas Pick 3 lottery 100 times For one bet, there is a 1 1000 probability of winning If we want to use the Poisson distribution as an approximation to the binomial, are the requirements satisfied If we use the Poisson distribution to find the probability of 101 wins,...

With n 100 and p 0001 the two requirements ar ...

Assume that we plan to play the Texas Pick 3 lottery 100 times. For one bet, there

Question:

Assume that we plan to play the Texas Pick 3 lottery 100 times. For one bet, there is a 1>1000 probability of winning. If we want to use the Poisson as an approximation to the binomial, are the requirements satisfied? If we use the Poisson to find the probability of 101 wins, we get an extremely small positive number, so is it correct to conclude that the probability of 101 wins is possible, but highly unlikely?
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...