Solve the Problem. -The Probability of Winning a Certain Lottery Is 1/66,857. for Is

question 2

Multiple Choice

Solve the problem.
-The probability of winning a certain lottery is 1/66,857. For people who play 618 times, find the mean number of wins.

• A)0.0016
• B)108.2
• C)0.000015
• D)0.0092

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Definitions:

Credit Market

A financial market where borrowers can obtain funds from investors or lenders through the issuance of different types of debt instruments.

Prime Interest Rate

The interest rate that banks charge their most creditworthy customers, often used as a benchmark for setting rates on various types of loans and credit.

Interest Rates

The cost of borrowing money or the reward for saving, usually expressed as a percentage of the principal amount annually.

Balloon Note

A type of loan that has a large or "balloon" payment due upon maturity, typically after a series of lower regular payments.