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- Thread starter frank10
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Use google - use key-word - probability, odds, difference.
You'll see 4,830,000 sites ready to help you with example and worked out problems.
Would know how to calculate the probability of winning a prize - given the same information?
You'll see 4,830,000 sites ready to help you with example and worked out problems.
Would know how to calculate the probability of winning a prize - given the same information?
>>Dream of a lifetime lottery sold 50,000 tickets and gave away 5,000 prizes including one grand prize,what are the odds in favor of winning a prize with one ticket.
Suppose there were 10 prizes and 70 tickets were sold. So there are 10 possible winning events out of a possible 70. The probability of selecting a winning ticket randomly is the comparison of the possible winning tickets to the total number of events, which would be 10/70 or 1/7 or 1 to 7 or 14.3%.
The odds of winning is the number of possible winning events compared to the number of possible losing events. That would be 10/60 or 1/6 or 1 to 6 or 16.7%.
Suppose there were 10 prizes and 70 tickets were sold. So there are 10 possible winning events out of a possible 70. The probability of selecting a winning ticket randomly is the comparison of the possible winning tickets to the total number of events, which would be 10/70 or 1/7 or 1 to 7 or 14.3%.
The odds of winning is the number of possible winning events compared to the number of possible losing events. That would be 10/60 or 1/6 or 1 to 6 or 16.7%.