Question

Suppose you are attending a fund raising event that will cost you $25 but you have a chance to win a brand new car with MSRP of $25,000. There are 2,000 paid attendees at this event. What is the probability that you win the brand new car?

Answer 1

Answer: 0.05%

Explanation:

Identify the successful outcome: In this case, it's you winning the car. There is only 1 successful outcome.

Determine the total number of possible outcomes: There are 2,000 paid attendees at the event, and each attendee has an equal chance of winning the car. So, there are 2,000 possible outcomes.

Calculate the probability:

P(Win) = Number of successful outcomes / Total possible outcomes

P(Win) = 1 (successful outcome) / 2,000 (total possible outcomes)

P(Win) = 1 / 2,000 = 0.0005

Convert the probability to a percentage:

0.0005 * 100 = 0.05%

So, the probability of you winning the brand new car is 0.05%.