Promotional Concept (Probability)
Conducting a promo that has 30 people with 777 total entries (please see table). It lists the liability of each player in the promotion with the number of entries each has. Total liability of the 30 players is $16,284.
Pick 5 winners (one time). What is the average payout (liability) of the 5 winners each time you conduct the promo?
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Kav10
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Hello Kav10, Thank you for your help!
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Hello, of course! No problem. Thanks for the tip.
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The answer is accepted.
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Low bounty! This needs a lot of calculations. If you need the approach only, it makes sense. Let me know.
I think this should be answered numerically (approximately) rather than deriving a full analytical solution.
One could also give an exact result but computation would be done in R.
The problem is not clear. What do you mean by liability in this context? What are rules regarding picking winners? What is the payout? Player1 has 5 entries and 2000 liability. Does that mean each liability for Player1 is 400?
I apologize. If Player 1 is picked as a winner, he will win $2,000. He has 5 entries in the drawing.