what is the probability of winning the new car? ________?

Question

In a raffle contest, there are 45 blue tickets and 5 gold tickets in a bag. Contestants are given three chances to draw a ticket, and each time they draw a gold ticket, they receive a prize. However, if someone draws a gold ticket on ALL THREE DRAWS, they win a new car. If the tickets are not replaced after each draw, what is the probability of winning the new car?

P(gold ticket on 1st draw)=5/50=1/10=0.10
P(assuming gold ticket on 1st draw, gold ticket on 2nd draw)=4/49=0.08
P(assuming gold ticket on 1st and 2nd draw, gold ticket on 3rd draw)=3/48=1/16=0.06

P(grand prize) = ________?

Answer 1

The combined probability is (5/50)(4/49)(3/48)=1/(10×49×4)=1/1960=0.0005102 approx or 0.05102%.

The quoted approximations produce 0.048%.