In a sweepstakes sponsored by Gemini Paper Products, 175,000 entries have been received. If 1 grand prize is drawn, and 5 first prizes, 20 second prizes, and 400 third prizes are to be awarded, what is the probability that a person who has submitted one entry will win the following? (a) the grand prize (Round your answer to eight decimal places.) (b) a prize (Round your answer to four decimal places.)
In a sweepstakes sponsored by Gemini Paper Products, 175,000 entries have been received. If 1 grand prize is drawn, and 5 first prizes, 20 second prizes, and 400 third prizes are to be awarded, what is the probability that a person who has submitted one entry will win the following?
(b) a prize (Round your answer to four decimal places.)
Sol:-
(a) The probability of winning the grand prize is simply the number of ways of winning the grand prize divided by the total number of possible outcomes. There is only 1 grand prize, so there is only 1 way to win it. The total number of possible outcomes is the total number of entries, which is 175,000. Therefore, the probability of winning the grand prize is:
1/175,000 = 0.00000571 (rounded to eight decimal places)
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