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?

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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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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