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Math Help - I just wanna say thanks..

  1. #1
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    Lightbulb I just wanna say thanks..

    I have never found a forum where people are nice enough to help you out as people do on here... it's greatly appreciated... with that said one more question, lol:


    The Book Sweepstakes mails 20,000,000 entry forms of which

    Winnings 3 10 500 5000 10000 25000 100000


    Number 12000 7900 90 4 3 2 1


    If you enter this sweepstakes, what is the probability that you will win something? Is your expected return more than the cost of mailing a first class letter?
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  2. #2
    Rhymes with Orange Chris L T521's Avatar
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    Quote Originally Posted by SMS386904 View Post
    I have never found a forum where people are nice enough to help you out as people do on here... it's greatly appreciated... with that said one more question, lol:


    The Book Sweepstakes mails 20,000,000 entry forms of which

    Winnings 3 10 500 5000 10000 25000 100000


    Number 12000 7900 90 4 3 2 1


    If you enter this sweepstakes, what is the probability that you will win something? Is your expected return more than the cost of mailing a first class letter?
    The probability that you will win something is \frac{12000+7900+90+4+3+2+1}{20000000}=.001

    Now, the expected payout would be

    3\left(\frac{12000}{20000000}\right)+10\left(\frac  {7900}{20000000}\right)+500\left(\frac{90}{2000000  0}\right) +5000\left(\frac{4}{20000000}\right)+10000\left(\f  rac{3}{20000000}\right) +25000\left(\frac{2}{20000000}\right)+100000\left(  \frac{1}{20000000}\right)=0.018

    So your earnings would be less than the cost of mailing a first class letter.

    Does this make sense?
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