A restaurant hands out a scratch-off game ticket with prizes being worth purchases at the restaurant....
A restaurant hands out a scratch-off game ticket with prizes being worth purchases at the restaurant. The back of the ticket lists the odds of winning each dollar value: 0.4 for $5, 0.1 for $10, 0.03 for $75, and 0.005 for $100. What are the odds that the ticket is worth at least $75?
Homework Answers
probability that ticket is at least $75 = P(X=75)+P(X=100)
=0.03/(1+0.03)+0.005/(1+0.005)
=0.03410
therefore odds that the ticket is worth at least $75 =probability/(1-probability)=0.03410/(1-0.03410)
=0.03530
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