Financial Risk Manager Part 1
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During a lottery, 400 names are fed into a computer program. Five of the names are identical. If a name is drawn from the program at random, what is the probability that one of these 5 names will be drawn?
Other
Community
NNikitesh
A
0.0125
B
0.25
C
0.0025
D
0.0625
Explanation:
The probability of drawing one of the 5 identical names is calculated by adding the individual probabilities of each name being drawn. Since there are 400 total names and 5 identical names, the probability for each name is 1/400. Therefore, the total probability is:
P(name 1 ∨ name 2 ∨ name 3 ∨ name 4 ∨ name 5) = 1/400 + 1/400 + 1/400 + 1/400 + 1/400 = 5/400 = 0.0125
This is a basic probability calculation where the events are mutually exclusive (drawing one name excludes drawing another), so we can simply add the probabilities.
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