Odds and EV of a drawing ?
July 2nd, 2012 at 12:50:18 PM
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I had 35 entrys in a drawing,I estimate there were 1000 total entrys.There were 5 winners of $2000 , 2winners of $5000,and 1 winner of $10,000.
What were my overall chances of winning and what was my EV.
Thanks for any help
What were my overall chances of winning and what was my EV.
Thanks for any help
Happy days are here again
July 2nd, 2012 at 1:13:21 PM
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$30,000 in prizes. 1000 entries. Each entry worth $30. You had 35 entries, so your EV was 35*30 - $1050.
Chances of winning depend on whether entries were thrown back in after they won or not. 35 in 1000 is a good estimate though.
Chances of winning depend on whether entries were thrown back in after they won or not. 35 in 1000 is a good estimate though.
July 2nd, 2012 at 1:33:55 PM
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Thanks Finsrule.I knew it would seem so simple after I saw the answer :)
Happy days are here again
