Suppose That You Enter a Drawing by Obtaining One of 20

question 122

True/False

Suppose that you enter a drawing by obtaining one of 20 tickets that have been distributed.By using the classical method, you can determine that the probability of your winning the drawing is 0.05.

---

Definitions:

Private Sector

Part of the economy that is run by individuals and companies for profit and is not under direct state control.

Entrepreneurs

Individuals who initiate, manage, and assume the risks of starting and operating a business with the aim of making a profit.

Third Party

An entity involved in a transaction besides the two main parties; in insurance, the person other than the policyholder and the insurer who may be affected by or have a claim against the policy.

Costs

The amount that must be paid or spent to buy or obtain something.