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In a sweepstakes sponsored by Gemini Paper Products, 100,000 entries have been received. If 1 grand prize, 5 first prizes, 25 second prizes, and 500 third prizes are to be awarded, what is the probability that a person who has submitted one entry will win a. The grand prize? b. A prize?

Short Answer

Expert verified
a. The probability of winning the grand prize is \(0.00001\) or \(0.001\%\). b. The probability of winning a prize is \(0.00531\) or \(0.531\%\).

Step by step solution

01

Find the probability of winning the grand prize

To find the probability of winning the grand prize, we need to use the basic probability formula. There is only one grand prize to be won, so the number of successful outcomes is 1. The total number of outcomes is the total number of entries, which is 100,000. Probability of winning the grand prize: \(P(\text{grand prize}) = \frac{1}{100,000}\)
02

Find the probability of winning a prize

To find the probability of winning a prize, we need to calculate the total number of prizes to be won. There are 1 grand prize, 5 first prizes, 25 second prizes, and 500 third prizes. Number of all prizes: \( 1 + 5 + 25 + 500 = 531\) Now, we can use the basic probability formula again with the number of successful outcomes being the number of total prizes (531) and the total number of outcomes being the total number of entries (100,000). Probability of winning a prize: \(P(\text{prize}) = \frac{531}{100,000}\)
03

Simplify the probabilities (Optional)

By simplifying the fractions, we can provide the probabilities in reduced form. Probability of winning the grand prize: \(P(\text{grand prize}) = \frac{1}{100,000} = 0.00001\) Probability of winning a prize: \(P(\text{prize}) = \frac{531}{100,000} = 0.00531\) Thus, the final probabilities are given as: a. The probability of winning the grand prize is 0.00001 or 0.001%. b. The probability of winning a prize is 0.00531 or 0.531%.

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