

Subject:
Calculating odds of winning a competition
Category: Miscellaneous Asked by: un5tab1ega List Price: $10.00 
Posted:
12 Sep 2005 22:16 PDT
Expires: 12 Oct 2005 22:16 PDT Question ID: 567432 
Greetings Smart people: I need to know the odds and probability for the below scenario. Lets say there was a competition. In this competition there were 300 contestants. The 300 contestants are competing for 1 of 10 prizes. First Place: $1,000,000 Second Place: $250,000 Third Place: $100,000 Fourth Place: $10,000 Fifth Place: $10,000 Sixth Place: $10,000 Seventh Place: $10,000 Eight Place: $10,000 Ninth Place: $10,000 Tenth Place: $10,000 My questions: What are the odds of winning anything at all? What are the odds of loosing totally? What are the odds of winning first? What are the odds of winning second? What are the odds of winning third? What are the odds of winning fourth? What are the odds of winning fifth? What are the odds of winning sixth? What are the odds of winning seventh? What are the odds of winning eighth? What are the odds of winning ninth? What are the odds of winning tenth? What are the odds of finishing in the top three? What are the odds of finishing in the 4th through 10th category? I think that is enough for now... Please note that I am aware that there is a difference between "odds" and "probability" but I do not know what that difference is. So if you could fill me in on that too I would really appreciate it. 

Subject:
Re: Calculating odds of winning a competition
Answered By: justaskscottga on 12 Sep 2005 23:13 PDT 
Hello un5tab1e, Assuming that all of the 300 contestants have an equal chance of winning a prize, here are the answers. (In these answers, I use equal signs to indicate that one way of expressing the odds is equivalent to the other ways.) What are the odds of winning anything at all? 10/290 = 1/29 = approximately 0.034 = 29 to 1 against What are the odds of losing totally? 290/10 = 29 = 29 to 1 in favor What are the odds of winning first? 1/299 = approximately 0.00334 = 299 to 1 against What are the odds of winning second? 1/299 = approximately 0.00334 = 299 to 1 against What are the odds of winning third? 1/299 = approximately 0.00334 = 299 to 1 against What are the odds of winning fourth? 1/299 = approximately 0.00334 = 299 to 1 against What are the odds of winning fifth? 1/299 = approximately 0.00334 = 299 to 1 against What are the odds of winning sixth? 1/299 = approximately 0.00334 = 299 to 1 against What are the odds of winning seventh? 1/299 = approximately 0.00334 = 299 to 1 against What are the odds of winning eighth? 1/299 = approximately 0.00334 = 299 to 1 against What are the odds of winning ninth? 1/299 = approximately 0.00334 = 299 to 1 against What are the odds of winning tenth? 1/299 = approximately 0.00334 = 299 to 1 against What are the odds of finishing in the top three? 3/297 = 1/99 = approximately 0.0101 = 99 to 1 against What are the odds of finishing in the 4th through 10th category? 7/293 = 1/59 = approximately 0.0239 = 293 to 7 against The technical meaning of odds in relation to probability is explained here: "Odds" [in Wikipedia section] Answers.com http://www.answers.com/odds With regard to your first question, there are 10 chances in 300 that a particular contestant will win anything at all. Thus, the probability of that occurrence is 10/300. That probability is the numerator for the odds formula of probability / (1  probability). The denominator for the odds formula is 1 10/300, which can be expressed as 300/300  10/300, or in other words 290/300. Accordingly, probability / (1  probability) for this event is 10/300 / 290/300, or more simply, 10/290. The odds formula can be used in the same manner for the other questions you have asked. Please let me know if you need any clarification.  justaskscott Search strategy  Searched on Google for: odds probability 

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