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Math Help - Probability of winning prize from drawing

  1. #1
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    Probability of winning prize from drawing

    I'm new so please forgive me if I am reposting something that was already answered but I searched the forum and couldn't find anything.

    Heres the problem I have...

    5,000 people are invited to pull a lucky certificate from a barrel

    The barrels consist of the following denominations

    1 - $100,000 certificate
    5 - $1,000 certificates
    10-$500 certificates
    1,000 - $100 certificates
    50,000 - $50 certificates

    Need to figure out the odds that someone will win for each one of the denominations, I think that it might be a Hypergeometric Distribution?

    to complicate things, I then need to recompute based on the same certificates but now distributed over 5 barrels...

    Thanks everyone in advance for your help!
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  2. #2
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    Tehran
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    Wink Answer

    We 5000 People .

    it is clear that all the people can Win $50, because the Count of The $50 Certificates is The Maximum count and it is bigger from count of people.

    -------------------------------------------
    So We Will remove the $50 Certificates and going on by this conditions :
    1 - $100,000 certificate
    5 - $1,000 certificates
    10-$500 certificates
    1,000 - $100 certificates

    Now The N(S) = 1 *100,000$ + 5 * 1000$ + 10 * 500$ + 1000 * 100$
    So The N(S) = 210,000 $
    -------------------------------------------
    P(Each Person Win 100,000$) = \frac {5000}{210000}=0.023
    -------------------------------------------
    and so on ...
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  3. #3
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    Clarify

    Just so I can make sure I'm understanding correctly, you are saying to probability of winning the $100,000 is 2%?
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  4. #4
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    yes
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