Suppose you go down to the corner store to buy some lottery tickets.
Assumptions:
- Each ticket really consists of 8 chances for you to win money (that is each ticket really consists of you buying 8 bets). You have the possibility to win all 8 bets, but you also have the possibility to lose each time as well.
-Your allowed to purchase an infinite number of tickets, however you can only purchase one ticket at a time and each time you purchase another ticket, the probability of you winning decreases for that ticket.
- The first ticket you purchase is labelled , your second ticket is labelled , and similarly the ticket that you purchase will be labelled
- The probability of you winning any one of the 8 individual bets on your ticket is equal to ...............(note: the sqrt is suppose to cover and not just the
..................................
Calculate the probability that someone will eventually purchase a ticket where all 8 bets on THAT ticket win? If the probability is , what is the expected number of tickets which must be purchased for this event to occur?