In March 2013, Royal Auto sent me one of these \"Win big!\" flyers with a fake c

Question

In March 2013, Royal Auto sent me one of these "Win big!" flyers with a fake car key taped to it. The various prizes, and chances of winning, are shown below.

Determine the probability that person will win a gift card valued larger than $1,000 (use all decimals to answer).

Do these probabilities add up to 1? (yes/no)

What is the probability that a person won't win?

Prize Declared Value, X Chance of Winning, P(x) TWo Camaros $100,000 1 in 5,000,000 Cash 10,000 1 in 1,000,000 Appel Ipad 1,000 1 in 500,000 Various 500 1 in 250,000 Gift Card 5 0.9999928

Explanation / Answer

The above table is created with P(x) calculated.

probability that person will win a gift card valued larger than $1,000 =

P(X=100,000) + P(X=10,000) = 1/5,000,000 + 1/1000000=0.0000002 + 0.000001 = 0.0000012

Do these probabilities add up to 1 : Yes :

From the above table all the value in the last column which are the probabilities and they add upto 1.

P(X=100,000) + P(X=10,000) + P(X=1000) + P(X=500) + P(X=5)= 1/5,000,000 + 1/1000000 + 1/500,000 + 1/250,000 + 0.9999928 =0.0000002 + 0.000001 + 0.000002+ 0.000004 + 0.9999928 =1

Probability that a person won't win = 0

As the probabilites of a person winnng something adds upto 1. Probability that a person won't win= 1 - Probability that a person winning something = 1-1=0

Prize Declared Value, X Chance of Winning, P(x) P(x) P(x) TWo Camaros $100,000 1 in 5,000,000 1/5000000 0.0000002 Cash 10,000 1 in 1,000,000 1/1000000 0.000001 Appel Ipad 1,000 1 in 500,000 1/500000 0.000002 Various 500 1 in 250,000 1/250000 0.000004 Gift Card 5 0.9999928 0.9999928 0.9999928 Total 1

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