Answered: What is the probability that a ticket…

What is the probability that a ticket wins the first prize? (b) What is the probability that a ticket wins some prize? (c) What is the fair price of a ticket?

Holt Mcdougal Larson Pre-algebra: Student Edition 2012

1st Edition

ISBN:9780547587776

Author:HOLT MCDOUGAL

Publisher:HOLT MCDOUGAL

Chapter11: Data Analysis And Probability

Section11.9: Independent And Dependent Events

Problem 14E

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Question

3 Suppose a lottery with 1,000,000 tickets has a first prize of $200,000, three second prizes of $60,000 each, and 100 third prizes of $200 each. (a) What is the probability that a ticket wins the first prize? (b) What is the probability that a ticket wins some prize? (c) What is the fair price of a ticket? (d) How much should the state charge for a ticket if it needs 10% of the revenue for overhead and wants to make $500,000 profit?

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