SOLUTION: An instant lottery ticket has three possible prize amounts. The probability of winning a $100 prize is 0.001, the probabality of winning a $5 prize is 0.04, and the probability of
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-> SOLUTION: An instant lottery ticket has three possible prize amounts. The probability of winning a $100 prize is 0.001, the probabality of winning a $5 prize is 0.04, and the probability of
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Question 1122895: An instant lottery ticket has three possible prize amounts. The probability of winning a $100 prize is 0.001, the probabality of winning a $5 prize is 0.04, and the probability of winning a $1 prize is 0.2.
With the purchase of one of these lottery tickets, what is the probability of the event that you lose (i.e. do not win a prize)?
What is the probability of the event that you win at least $5?
What is the probability of the event that you win more than $100?
You can put this solution on YOUR website! The probability of losing is 1-0.241, the joint probability of winning=0.759
Win at least $5 is 0.041, because $100 is included
The probability of winning > $100 is 0.
