SOLUTION: A frequently held lottery sells 100 tickets at $1 per ticket every time it is held. One of the tickets must be a winner. A player has $50 to spend. To maximize the probability of w
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Question 779788: A frequently held lottery sells 100 tickets at $1 per ticket every time it is held. One of the tickets must be a winner. A player has $50 to spend. To maximize the probability of wining at least one lottery, should he buy 50 tickets in one lottery or one ticket in 50 lotteries?
Answer by edjones(8007) (Show Source): You can put this solution on YOUR website!
If you buy 50 tickets in 1 lottery the probability of you winning is 50/100 = 1/2.
If you buy 1 ticket in 50 lotteries: (99/100)^50=.605 the probability that you WONT win ONE. To maximize the probability of wining AT LEAST ONE lottery you should buy all 50 tickets in one lottery.
Ed
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