Answer: 0.05412
Step-by-step explanation:
Formula : Odds of having an event is given by [tex]o=\dfrac{p}{1-p}[/tex], where p = probability that event happens.
In terms to find p , we use [tex]p=\dfrac{o}{1+o}[/tex]
Given, he back of the ticket lists the odds of winning each dollar value: 0.05 for $10, 0.04 for $25, 0.01 for $50, and 0.003 for $100.
Let X be the worth of ticket.
Then, the probability that the ticket is worth at least $25 =
[tex]P(X\geq 25)=P(X=25)+P(X=50)+P(X=100)[/tex]
[tex]=\dfrac{0.04}{1+0.04}+\dfrac{0.01}{1+0.01}+\dfrac{0.003}{1+0.003}\\\\=0.05135[/tex]
The odds that the ticket is worth at least $25 = [tex]\dfrac{0.05135}{1-0.05135}[/tex]
=0.05412
hence, the odds that the ticket is worth at least $25 is 0.05412 .
