Finding odds of a prize draw
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Im trying to establish 3 separate odds for the same equation. Lets use a draw for an example. 200,000 people enter a draw, there are 3 top prizes lets say for example
1st prize $1m,
2nd prize $500k
& 3rd prize $250k.
I understand that each draw/ticket has a 1/200,000 chance of winning 1st prize hence $1m but what are the odds of winning the 2nd and 3rd prize. Any help would be amazing
probability
asked Dec 12 '18 at 5:18
Dan Dan
92631130
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add a comment |
$begingroup$
Im trying to establish 3 separate odds for the same equation. Lets use a draw for an example. 200,000 people enter a draw, there are 3 top prizes lets say for example
1st prize $1m,
2nd prize $500k
& 3rd prize $250k.
I understand that each draw/ticket has a 1/200,000 chance of winning 1st prize hence $1m but what are the odds of winning the 2nd and 3rd prize. Any help would be amazing
probability
asked Dec 12 '18 at 5:18
Dan Dan
92631130
$endgroup$
add a comment |
$begingroup$
Im trying to establish 3 separate odds for the same equation. Lets use a draw for an example. 200,000 people enter a draw, there are 3 top prizes lets say for example
1st prize $1m,
2nd prize $500k
& 3rd prize $250k.
I understand that each draw/ticket has a 1/200,000 chance of winning 1st prize hence $1m but what are the odds of winning the 2nd and 3rd prize. Any help would be amazing
probability
asked Dec 12 '18 at 5:18
Dan Dan
92631130
$endgroup$
Im trying to establish 3 separate odds for the same equation. Lets use a draw for an example. 200,000 people enter a draw, there are 3 top prizes lets say for example
1st prize $1m,
2nd prize $500k
& 3rd prize $250k.
I understand that each draw/ticket has a 1/200,000 chance of winning 1st prize hence $1m but what are the odds of winning the 2nd and 3rd prize. Any help would be amazing
probability
probability
asked Dec 12 '18 at 5:18
Dan Dan
92631130
asked Dec 12 '18 at 5:18
Dan Dan
92631130
asked Dec 12 '18 at 5:18
Dan Dan
92631130
asked Dec 12 '18 at 5:18
Dan Dan
92631130
asked Dec 12 '18 at 5:18
Dan Dan
92631130
92631130
add a comment |
add a comment |
1 Answer
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$begingroup$
The odds of a particular ticket winning second is also $1/200,000$ and the same for any ticket winning third. You can confuse yourself by thinking that one ticket has already been drawn for first prize but it doesn't matter. You might as well draw for second prize first and each ticket clearly has $1/200,000$ chance of winning second.
answered Dec 12 '18 at 5:33
Ross MillikanRoss Millikan
295k23198371
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add a comment |
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1 Answer
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1 Answer
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$begingroup$
The odds of a particular ticket winning second is also $1/200,000$ and the same for any ticket winning third. You can confuse yourself by thinking that one ticket has already been drawn for first prize but it doesn't matter. You might as well draw for second prize first and each ticket clearly has $1/200,000$ chance of winning second.
answered Dec 12 '18 at 5:33
Ross MillikanRoss Millikan
295k23198371
$endgroup$
add a comment |
$begingroup$
The odds of a particular ticket winning second is also $1/200,000$ and the same for any ticket winning third. You can confuse yourself by thinking that one ticket has already been drawn for first prize but it doesn't matter. You might as well draw for second prize first and each ticket clearly has $1/200,000$ chance of winning second.
answered Dec 12 '18 at 5:33
Ross MillikanRoss Millikan
295k23198371
$endgroup$
add a comment |
$begingroup$
The odds of a particular ticket winning second is also $1/200,000$ and the same for any ticket winning third. You can confuse yourself by thinking that one ticket has already been drawn for first prize but it doesn't matter. You might as well draw for second prize first and each ticket clearly has $1/200,000$ chance of winning second.
answered Dec 12 '18 at 5:33
Ross MillikanRoss Millikan
295k23198371
$endgroup$
The odds of a particular ticket winning second is also $1/200,000$ and the same for any ticket winning third. You can confuse yourself by thinking that one ticket has already been drawn for first prize but it doesn't matter. You might as well draw for second prize first and each ticket clearly has $1/200,000$ chance of winning second.
answered Dec 12 '18 at 5:33
Ross MillikanRoss Millikan
295k23198371
answered Dec 12 '18 at 5:33
Ross MillikanRoss Millikan
295k23198371
answered Dec 12 '18 at 5:33
Ross MillikanRoss Millikan
295k23198371
answered Dec 12 '18 at 5:33
Ross MillikanRoss Millikan
295k23198371
295k23198371
add a comment |
add a comment |
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