Question

in a random drawing contest first place receives the grand prize of $10,000 second place receives $5,000 and third place receives $1,000 if 200 people enter this drawing in each other what is the total possibility outcome for first second and third place

Answer 1

The total possibility outcome is $80

Here, we want to get the total possibility outcome

From the question, each of the 200 have an equal chance

Now, out of the 200, we can only have a first, a second and a third

The probability that an entry wins first price would be 1/200 , so as the second price and the third

So, we have the total possibility outcome as follows;

`\begin{gathered} ((1)/(200)*10,000)\text{ + (}(1)/(200)*5000)+\text{ (}(1)/(200)*1000) \\ \\ =\text{ 50 + 25 + 5 = \$80} \end{gathered}`