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I need help designing a spreadsheet that can be used to figure the
probability and odds of winning this raffle. Here is the situation: 1) there will only be 500,000 tickets sold. 2) there will be 2 first place prizes of $500,000.00 3) there will be 2 second place prizes of $25,000.00 4) there will be 30 third place prizes of $5,000.00 5) there will be 700 fourth place prizes of $250.00 6) Tickets cost $5.00 If I were to buy 50 tickets spending $250.00 (the amount of the smallest prize)... 1) what are my odds of winning atleast one of the first place prizes? 2) what are my odds of winning both of the first place prizes? 3) what are my odds of winning atleast one of the second place prizes? 4) what are my odds of winning both of the second place prizes? 5) what are my odds of winning atleast one of the third place prizes? 6) what are my odds of winning more than one of the third place prizes? 7) what are my odds of winning atleast one of the fourth place prizes? 8) what are my odds of winning more than one of the fourth place prizes? Similarly... 9) what is the probability that I will win atleast one first place prizes? 10) what is the probability that I will win both first place prizes? 11) what is the probability that I will win atleast one second place prizes? 12) what is the probability that I will win both second place prizes? 13) what is the probability that I will win atleast one third place prize? 14) what is the probability that I will win more than one third place prize? 15) what is the probability that I will win atleast one fourth place prize? 16) what is the probability that I will win more than one fourth place prize? What I am looking for is the explanation of the formula(s) required to answer the questions above. Can anybody help? |
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