A question from Cambridge:
the probability that a jackpot prize will be won in a given lottery is 0.012.
the jackpot prize is initially $10,000 and increass by $10,000 each time the prize is not won. Find, to 5 decimal places, the probability that the jackpot prize will exceed $200,000 when it is finally won.
What's the quick way to do that.
I think I can do it by finding the probability that it will be $200,000 or less by summing the probabilities of getting 1 win in 1 lottery, 2 lotteries, 3, 4, ..., 20. But it takes ages. Is there a pattern or another way?
the probability that a jackpot prize will be won in a given lottery is 0.012.
the jackpot prize is initially $10,000 and increass by $10,000 each time the prize is not won. Find, to 5 decimal places, the probability that the jackpot prize will exceed $200,000 when it is finally won.
What's the quick way to do that.
I think I can do it by finding the probability that it will be $200,000 or less by summing the probabilities of getting 1 win in 1 lottery, 2 lotteries, 3, 4, ..., 20. But it takes ages. Is there a pattern or another way?
