I can not figure out what I believe might be an easy probability question:
1. What is the probability that if you buy a Fast 5 ticket, you will win $100 or more?
2. What is the probability that if you buy a Joker’s Wild ticket, you will win $100 or more?
I have already determined the expected value of each ticket.
I believe the formula is # of possible outcomes/# of events but I am sorta lost at this point. In the fast 5 game, is there 3 events (100, 500 and $5000)? Do the total 3 of cards come in to play for the possible outcomes. I do know that the number should obviously be between 0-1. See atttached table
1. What is the probability that if you buy a Fast 5 ticket, you will win $100 or more?
2. What is the probability that if you buy a Joker’s Wild ticket, you will win $100 or more?
I have already determined the expected value of each ticket.
I believe the formula is # of possible outcomes/# of events but I am sorta lost at this point. In the fast 5 game, is there 3 events (100, 500 and $5000)? Do the total 3 of cards come in to play for the possible outcomes. I do know that the number should obviously be between 0-1. See atttached table
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