When Buying a Lotto Ticket What are my odds? a. Calculate your odds of winning if...

When Buying a Lotto Ticket What are my odds? a. Calculate your odds of winning if you spend $1 on an entry. b. Calculate your odds of winning if you spend $50 on an entry. c. Compare these odds to the odds of being in a car accident, plane crash, struck by lightning, or hit by a meterorite. NOTE PLEASE TYPE

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Expert Solution

a. When you are buying a ticket of Lotto, there are 1/2 odds of winning or losing. Now if you bought a ticket worth $1, then for odds of winning is 1/2.

b. in 2nd case if you spend $50 on an entry (Note: here lotto ticket is only one - with amount of $50). So, here also odds of winning is 1/2 - as in a ticket, either you win or lose.

c. Now odds of being in a car accident depends on the car accident occurred in a particular area in sometime with respect to total number of car drive. It will be lesser than odds of lotto ticket

Odds of plane crash is lesser than car accident as odds of plane crash is calculated based on number of crash with respect to total number of plane travel

Odds of stuck by lightening is also rare event compared to plane crash.

Odds of hit by a meterorite is rarest of all the event mentioned here and odds of happening it is very - very less.

So, If i put all the odds in order, it would be

Odds of lotto ticket winning > Odds of car accident > Odds of plane crash > Odds of struck by lightning > odds of hit by a meterorite

Note: for exact comparison, need data for each event. Comparison done here is in real time assumption of these events.

milcah answered 1 year ago

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