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The probability that one will win back at least the cost of three tickets is approximately 0.31744. This is solved using Binomial Distribution Model.
The Binomial Distribution Model is a mathematical model of probability that allows one to decipher the probability of success of a group of possibilities within a range of specifically repeated processes.
Given that non-losing tickets (n) is: 5
Tickets gotten with non-losing probability p = 2/5 = 0.4
Note that probability here is given as:
Pr [X ≥ 3] = [tex]\sum_{x=3}^{5}.[/tex][tex]\binom{n}{x}[/tex] pˣ (1-p)ⁿ⁻ˣ
→ [tex]\sum_{x=3}^{5}.[/tex][tex]\binom{n}{x}[/tex] (0.4)ˣ (0.6)⁵⁻ˣ
= 992/3125
= 0.31744
Learn more about binomial distribution at:
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