A lottery ticket can be purchased where the outcome is either awin or a loss. There is
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A lottery ticket can be purchased where the outcome is either awin or a loss. There is a 10% chance of winning the lottery (90%chance of losing) for each ticket. Assume each purchased ticket tobe an independent event
a) What is the probability of winning the lottery if 10tickets are purchased? By winning, any one or more of the 10tickets purchased result a win.
b) If you were to purchase lottery tickets in intervals of 10(10, 20, 30, 40, 50, etc). How many tickets should you purchase tooptimize you chance of winning. To answer this question, show agraph of probability of winning the lottery versus number oflottery tickets purchased.
Related Book For
Data Analysis and Decision Making
ISBN: 978-0538476126
4th edition
Authors: Christian Albright, Wayne Winston, Christopher Zappe
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