SOLUTION: I am trying to figure out what odds are better: to buy one $30 dollar lottery ticket that has 2.5:1 odds or buy 30 $1 dollar tickets with 4.8:1 odds Thanks

Algebra ->  Probability-and-statistics -> SOLUTION: I am trying to figure out what odds are better: to buy one $30 dollar lottery ticket that has 2.5:1 odds or buy 30 $1 dollar tickets with 4.8:1 odds Thanks      Log On


   

Question 913256: I am trying to figure out what odds are better:
to buy one $30 dollar lottery ticket that has 2.5:1 odds
or buy 30 $1 dollar tickets with 4.8:1 odds
Thanks
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
These are the Odds of Losing...:)
2.5:1 , 5:2 ,p(losing) = 5/7 = 71.43% chance of losing. 28.57% chance of winning
4.8:1 , 48:10, p(losing) = 48/58 = 82.76 % chance of losing. 17.24% chance of winning