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Would it be worth paying $20K for 4 chances... 2003-01-13
From Steve:

If I've got 4 chances to to achieve X goal, and in each chance that I have I've got a 65% chance of achieving this goal, what is my overall probablity of achieving this goal? Also, what would it be after each of my 4 chances (i.e., for my 2nd chance, would it be (.65 * (.65*.65)? I've forgotten some basic probablity theories, and would appreciate any help on this.

With the probablities above, would it be worth paying $20K for 4 chances to achieve the goal or $8.5K for only 1 chance to acheive the goal? (at 65% probability)


Answered by Andrei Volodin.
A $10,00 prize 2001-10-23
From Michelle:
The grand prize for winning a contest is $10,000. After 28 percent of the prize is deducted for taxes, the winner receives the balance of the prize in annual payouts of equal amounts over a 3-year period. How many dollars will the prizewinner receive each year of the 3 years?(Disregard the $ sign when gridding your answer.)
Answered by Penny Nom.
Winning percentages 2001-02-21
From Mike:
TEAM A WINS 55% OF GAMES PLAYED

TEAM B WINS 40% OF GAMES PLAYED AGAINST THE SAME OPPONENTS

WHAT WINNING PERCENTAGE SHOULD BE EXPECTED WHEN TEAM A PLAYS TEAM B (NEUTRAL SITE)?


Answered by Harley Weston.
The odds of winning 2001-02-09
From Anna:
The odds of winning in a game are 3 out of 10. How many times would one have to play the game in order to be sure they would win?
Answered by Leeanne Boehm.
Instant Winner 1999-04-07
From FSSTAN:
The probabilities of being an "instant winner" of $25 or $50 in a lottery are 1/600 and 1/1200, respectively. The mathematical expectation of being an "instant winner" of $25 or $50 is?
Answered by Jack LeSage and Penny Nom.
 
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