Solution-Show that however you choose p

Show that however you choose p

Reference no: EM13887282

As assistant to a celebrated and imperious newspaper proprietor, you are given the job of running a lottery, in which each of his five million readers will have an equal independent chance, p , of winning a million pounds; you have the job of choosing p . However, if nobody wins it will be bad for publicity, whilst if more than two readers do so, the prize cost will more than offset the profit from extra circulation - in either case you will be sacked! Show that, however you choose p , there is more than a 40% chance you will soon be clearing your desk.

Reference no: EM13887282

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Show that however you choose p

Reference no: EM13887282

Reference no: EM13887282

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