1. Consider a weekly lottery where the probability of winning is - week, forever, you will eventually win. But what is the smallest number of weeks you would have to play to have a greater than 50% chance of winning? You may find the following result useful – or you may not need to use it at all (a closely related result was demonstrated in class). If q is a number between 0 and 1, then for any positive value of n we have: If you play 1,000,000 every 1- qn+1 п Σ q* k=0

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
icon
Related questions
Question
1. Consider a weekly lottery where the probability of winning is -
week, forever, you will eventually win. But what is the smallest number of weeks you would
have to play to have a greater than 50% chance of winning?
You may find the following result useful – or you may not need to use it at all (a closely
related result was demonstrated in class). If q is a number between 0 and 1, then for any positive
value of n we have:
If you play
1,000,000
every
1- qn+1
п
Σ
q*
k=0
Transcribed Image Text:1. Consider a weekly lottery where the probability of winning is - week, forever, you will eventually win. But what is the smallest number of weeks you would have to play to have a greater than 50% chance of winning? You may find the following result useful – or you may not need to use it at all (a closely related result was demonstrated in class). If q is a number between 0 and 1, then for any positive value of n we have: If you play 1,000,000 every 1- qn+1 п Σ q* k=0
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman