The probability that the jackpot prize will be won in each of four consecutive draws is (1/60)⁴.
The number of consecutive draws needed will be, n = 233
<h3>What is probability?</h3>
Probability is the likelihood or chance of an event happening or not.
- Probability = number of expected outcomes/number of possible outcomes.
From the given question, the probability of the jackpot being won in any draw is 1/60.
The probability that the jackpot prize will be won in each of four consecutive draws will be:
1/60 * 1/60 * 1/60 * 1/60 = (1/60)⁴
b. The number of consecutive draws that needs to be made for there to be a greater than 98% chance that at least one jackpot prize will have been won is calculated as follows:
There is a 100% - 98% chance that that none has been won = 2% that none has been won.
Also, the probability of the jackpot not being won in a draw is = 1 1/60 = 59/60
The number of consecutive draws needed will be (59/60)ⁿ ≤ 0.02
Solving for n by taking logarithms of both sides:
n = 233
In conclusion, probability measures chances of an event occurring or not.
Learn more about probability at: brainly.com/question/251701
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