Mathematics, 27.03.2020 19:28 stephanieboyd

3. A lottery ticket can be purchased where the outcome is either a win or a loss. There is a 10% chance of winning the lottery (90% chance of losing) for each ticket. Assume each purchased ticket to be an independent event:

a) What is the probability of winning the lottery if 10 tickets are purchased? By winning, any one or more of the 10 tickets 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 to optimize you chance of winning. To answer this question, show a graph of probability of winning the lottery versus number of lottery tickets purchased.

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3. A lottery ticket can be purchased where the outcome is either a win or a loss. There is a 10% cha...

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