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. A lottery system has ticket numbers with eight digits.
There are ten first prizes of Rs. 1.00 lakh each, one
hundred of Rs. 1,000 each. At the draw of lots an eight
digit number is generated by choosing for each digit from
left to right a random number in the range of 0 to 9. Any
one who has a ticket with the first two digits (from left to
right) matching the chosen number gets a first prize, and so
on. One individual purchases a large number of tickets at a
discounted price of Re. 0.75 each. For how much money should
he purchase tickets to achieve a 10% chance of winning a
third prize?
(a) Rs. 10,000
(b) Rs. 75,000
(c) Rs. 1,00,000
(d) Rs. 7,500
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Answer Posted / guest
(d) Rs. 7,500
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