What is the probability of winning the jackpot with a single ticket? If you were
ID: 1720382 • Letter: W
Question
What is the probability of winning the jackpot with a single ticket? If you were to buy a ticket once a minute, how long would It take you to have at least a 50% chance of winning assuming 365.25 days in a year? A survey of consumer finance found that 25.4% of credit card holding families hardly ever pay off the balance Suppose a random sample of 20 CC holding families is taken What is the probability that exactly 9 families hardly ever pay off the balance At most 5 families hardly ever pay off their balance?Explanation / Answer
Post one more question to get the second answer
Q1)
a) P(selecting 5 numbers from 55 numbers and selecting 1 number from 42 numbers)
=> 5C5/55C5 * 1C1/42C1
=> 1/(3478761 * 42)
=> 6.844253 * 10^(-9)
b) Number of tickets to be purchased = 3478761 * 21 = 73053981
Number of days in a year = 365.25 * 24 * 60 = 525960
Number of Years = 73053981/525960 = 138.89 years
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