Hey hey! Thank you so much for the help with the other question ^^ I have returned with yet another one:
In a given lottery the probability that the jackpot prize is won is 0.013. Successive lottery draws are independent. The jackpot prize is initially 1, 000, 000 and increases by $250 000 each time the prize is not won. Find, correct to 5 decimal places, the probability that the jackpot prize will exceed $5 000 000 when it is finally won.
The answer just found the probability for it being won on the 17th draw (First draw when the prize is above 5 000 000) but don't you have to take into account the fact that the prize could be on on the 18th draw, 19th draw, 20th draw etc all the way till infinity? I don't understand how just finding the probability of it being won on the 17th draw is equal to finding the probability that the jackpot prize will exceed 5000 000 when it is finally won D:
Thank you legends!!