Question

Say you're getting lottery tickets. Each one costs $75. There's a 30 percent chance you get one of the low many prizes. The low-level prizes range from $1 to $5. There's a 0.5 percent chance of getting a mid-level prize which ranges from $50 to $125, and finally, there's the grand prize which is $100,000,000 and there's a 0.002 percent chance of getting it. For every 5 times you get a low-level prize, the chance of mid and grand prizes increase by 0.1 after 2 tries it returns to the normal amount. After ten attempts you automatically get a mid-level prize. So the question is if you know the statistics how many dollars do you have to spend to get the grand prize?

Answer 1

To calculate the number of dollars you have to spend to get the grand prize, you need to determine the probability of winning the grand prize in a single ticket, calculate the average number of tickets you need to buy to win the grand prize, and then multiply the average number of tickets by the cost per ticket.

Step-by-step explanation:

To calculate the number of dollars you have to spend to get the grand prize, we'll start by determining the probability of winning the grand prize in a single ticket. The probability of winning the grand prize is 0.002 percent, or 0.00002.

In order to calculate the average number of tickets you need to buy to win the grand prize, we'll divide the probability of winning the grand prize by the probability of not winning the grand prize: 0.00002 / (1 - 0.00002).

Finally, to find the number of dollars you have to spend, multiply the average number of tickets by the cost per ticket: average number of tickets * $75.