Posted by Clara on Friday, May 29, 2009 at 9:44pm.
Dealing with binomials. P(Possible Prize) = 1/1000 n=52 P(winning)=P(x=1)=
P(x=1)=52! (1!51!)
(.(.001)1 (10.001)51
Is the answer 0.050949 OR 5.0949%?

Statistics  College  Reiny, Friday, May 29, 2009 at 10:17pm
0.050949 and 5.0949% are equivalent
A probability is expressed as a numerical value between 0 and 1