So I have a math probablity question.
Lets say there is a pile of money that I can win. I get 15 random numbers assigned to me (i get no say in the matter) and then a number out of 100 is drawn at random. If I hit on that 15% chance I win the money.
Now lets say I get three shots. Get 15 random numbers, number gets drawn out of 100 if I win I win game stops, If i lose we do it again. Get 15 random numbers, number gets drawn out of 100 if I win I win if I lose we do it again. Get 15 random numbers, number gets drawn out of 100 if I win I win if I lose I lose.
So basically I have a 15% chance of winning three times.. what is my overall chances of winning the money?
In: 2
Lots of great replies here with the right answer already as well as lots of theory.
You mentioned you aren’t a “math genius” and so I would suggest just using an online calculator in case you ever have a similar math problem in the future.
A quick Google found me this one:
https://stattrek.com/online-calculator/binomial
In your case, probability of success on trial = 0.15, number of trials = 3, and number of successes = 1. Note that it provides you a variety of answers. The one you are looking for here is the one that is P(X>=1) which suggests you win ‘at least once’ which differs from for example the P(x=1) which is winning ‘exactly once’.
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